Bike Bazaar raises $10 million in series D funding round from German investment firm DEG

• Bike Bazaar is a two-wheeler services platform that provides financing to new and pre-owned two wheelers.
  
• With this fund raise, Bike Bazaar closes its Series D round with a total equity raise of ₹250 crore.
  
• The new funds raised will be used to penetrate deeper into rural India, in line with an uptick in personal mobility needs.
  

Bike Bazaar, a two-wheeler financing company, said on Monday that it raised ₹82 crore ($10 million) from DEG, a Germany-based development finance institution and a subsidiary of KfW Group.

With this raise, Bike Bazaar closes its Series D round with a total equity raise of ₹250 crore ($30 million). The other investors in the funding round include Women World’s Banking Asset Management (WAM), Elevar Equity and Faering Capital.

Bike Bazaar is a two-wheeler lifecycle services platform that provides financing for new two wheelers, electric two wheelers and pre-owned two wheelers. It’s present in over 140 cities across India.

“With our financing, we are supporting the growth of a pioneering financial institution so that it can continue to drive financial inclusion amongst underserved demographics, especially females and small medium enterprises,” Monika Beck member of DEG´s management board said.

Bike Bazaar has raised a total amount of ₹482 crore in equity funding since its inception in 2017. Haitong Securities India is the investment banker and advisor for this round.

The new funds raised will be used to penetrate deeper into rural India, in line with an uptick in personal mobility needs, said the company.

“Bike Bazaar is at the very core of the exponential growth in the two-wheeler financing ecosystem, encompassing used, new and electric two wheelers especially in tier-II and III markets. Bike Bazaar is doubling down on electric two-wheeler financing by offering unique products including leasing and rental solutions especially for last-mile delivery in the e-commerce and food-delivery industry,” Srinivas Kantheti, co-founder and managing director of Bike Bazaar said.

As per Bike Bazaar’s market outlook for the two-wheeler industry, the sales are expected to cross 1.7 crore units in the financial year 2022-23. The industry registered a growth of 20% in the first three quarters over the last year, predominantly driven by the tier II and III markets, the company statement said.

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