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Bike Bazaar raises $21 million from Women’s World Banking

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  • The Pune-based company received funding from a consortium led by Women’s World Banking Asset Management.
  • The company plans to use the Series D funds to delve deeper into rural India as the need for personal mobility increases, especially among women.
  • The company is in advanced talks with leading global investors to raise an additional ₹80 crore.

Online two-wheeler marketplace and finance company Bike Bazaar has raised ₹170 crore ($21 million) as part of its ongoing Series D funding round.

The Pune-based company secured funding from a consortium led by Women’s World Banking Asset Management. WAM joins existing equity investors Elevar Equity and Faering Capital.

Women’s World Banking designs and invests in financial solutions, institutions and policy environments in emerging markets to create greater economic stability and prosperity for women, their families and communities.

“The Series D fundraiser is primarily aimed at strengthening our position as a player in lifecycle services in the two-wheeler segment. We are delighted to have Women’s World Banking Asset Management as an investor in our company. With a clear mandate of women empowerment, WAM will help Bike Bazaar in its journey to get more and more Women on Wheels (WOW),” said Srinivas Kantheti, MD of Bike Bazaar.

The company plans to use the Series D funds to delve deeper into rural India as their need for personal mobility increases, especially among women.

It is also in advanced discussions with leading global investors to raise an additional ₹80 crore.

Like Cars 24, Droom, CarDekho and CarTrade, Bike Bazaar is a platform that offers end-to-end services – from verification to financing to insurance for people who want to buy used vehicles.

It raised debt financing of more than ₹250 crore from various banks and financial institutions in the past six months. It is also in talks with global electric vehicle-focused funds to raise ₹200-250 crore for its two-wheel EV financing, leasing and services.

Founded in 2017, Bike Bazaar is present in more than 140 cities in India with more than 1,000 contact points.

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