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

• Bike Bazaar is a two-wheeler service platform that offers financing for new and second-hand two-wheelers.
  
• With this fundraising, Bike Bazaar closes its Series D round with a total capital raise of ₹250 crore.
  
• The newly collected funds will be used to penetrate deeper into the countryside Indiain line with an increase in personal mobility needs.
  

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

With this raise, Bike Bazaar closes its Series D round with a total capital 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 is present in more than 140 cities across India.

“With our funding, we support the growth of a pioneering financial institution so that it can continue to drive financial inclusion among underserved demographics, particularly women and small medium-sized enterprises,” said Monika Beck, member of the board of directors of DEG.

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

The new money raised will be used to push deeper into rural India in line with an increase in personal mobility needs, the company said.

“Bike Bazaar is at the heart of the exponential growth in the two-wheeler financing system, which includes used, new and electric two-wheelers, particularly in the 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 Kanthetisaid Bike Bazaar co-founder and general manager.

According to Bike Bazaar’s market outlook for the two-wheeler industry, sales are expected to exceed 1.7 crore units in FY 2022-2023. The industry recorded growth of 20% in the first three quarters of last year, driven primarily by the tier II and III markets, the company statement said.

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