 "Bike Bazaar raises Rs 170 cr in equity funding for deeper rural penetration")
Two-wheeler financing firm Bike Bazaar on Thursday said it has raised Rs 170 crore in equity funding for a deeper penetration into rural markets and to scale the marketplace business for sale and purchase of used two-wheelers.
The fresh capital, as part of its ongoing Series D fundraise, has been secured from a consortium led by Women's World Banking Asset Management (WAM), which has joined the existing equity investors -- Elevar Equity and Faering Capital, Bike Bazaar said.
Elevar continues to hold the largest stake in the company, as per the statement.
Bike Bazaar also has raised a total of Rs 400 crore in equity funding since its inception in 2017.
The two-wheeler financing firm is in advanced discussions with leading global investors for a further Rs 80 crore capital infusion, which will take the total Series D equity round to Rs 250 crore.
The company said it has also raised over Rs 250 crore in debt financing from various banks and financial institutions in the last six months.
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"The Series D fundraise is primarily focused on cementing our position as a lifecycle services player in the two-wheeler segment," said Srinivas Kantheti, MD of Bike Bazaar.
He said the company's Direct Collection Model has reached over 1,000 touchpoints.
The company is also in conversations with global electric vehicle focussed funds to raise Rs 200 - 250 crore for its two-wheeler EV financing, leasing and services business.
Haitong India is acting as an exclusive advisor to the company for its Series D fundraise, Bike Bazaar said.
Earlier known as WheelsEMI, the Pune-based Bike Bazaar caters to the commuter/utility two-wheeler segment in the domestic market, offering a range of solutions along the two-wheeler lifecycle, including financing for new and pre-owned two wheelers as well as leasing, insurance and servicing, among others.