Two- wheeler deals and backing incipiency, Bike Bazaar, on Monday said that it has raised Rs 82 crore (roughly$ 10 million) in fresh backing from DEG, a Germany- grounded development finance institution and an attachment of KfW Group. With this backing, Bike Bazaar has closed its rearmost fundraise with a total equity capital of Rs 250 crore ($ 30 million). It had raised Rs 170 crore in September last time, led by Women World’s Banking Asset Management (WAM). Being investors Elevar Equity and Faering Capital have also shared in the fund rise.
“Bike Bazaar is at the veritably core of the exponential growth in the two-wheeler backing ecosystem, encompassing used, new and electric two wheelers, especially in league- II and III requests,” said Srinivas Kantheti, Co author and Managing Director, Bike Bazaar. The company has further than,000 touchpoints and is present in further than 140 locales. This company states that as of December 2022, it had given an aggregate of Rs 2,000 crore over further than 3.75 two- wheeler loans. By the end of the current financial time, it hopes to have means under control of Rs 3,000 crore. “With our backing, we’re supporting the growth of a pioneering fiscal institution so that it can continue to drive fiscal addition amongst underserved demographics, especially ladies and small medium enterprises,” Monika Beck, member of DEG’s operation board, said. According to Bike Bazaar, the two- wheeler assistance is anticipated to cross deals of 1.7 crore units in FY23. The first nine months of the financial year saw a growth of 20% with a major drive coming in from Tier II and beyond requests.
The incipiency is also launching aviators in the electric three- wheeler and weight parts. The incipiency will use the backing to shore up its EV perpendicular and gauge its business business. The Indian two- wheeler vehicle request is projected to reach $26.63 Bn by 2028 With this, Bike Bazaar has closed its Series D equity backing round under which it has so far raised INR 250 Cr ($ 30 Mn) from multiple marquee investors, including Women World’s Banking Asset Management( WAM), Elevar Equity, and Faering Capital.