Bike Bazaar receives investment of Rs170 crore from Women's World Banking Management

1 Sep 2022 , 09:26 AM

The two-wheeler finance start-up Bike Bazaar has raised Rs170 crore in equity capital from previous investors, Elevar Equity and Faering Capital, with the help of Women’s World Banking Asset Management (WAM).

Elevar, who made the first investment in Bike Bazaar, still owns the majority of the company.

The company wants to use the capital to expand both its marketplace business for the sale and acquisition of secondhand two-wheelers as well as its operations in rural India.

Bike Bazaar was first established in 2017 as a used two-wheeler financing company by former Bajaj Auto NSE 0.09% Executive Srinivas Kantheti and former Bajaj Finance NSE 0.50% Executive Karunakaran Vadakkepat. Since then, Bike Bazaar has expanded to include several businesses in the two-wheeler market, including new two-wheeler financing, a marketplace for pre-owned two-wheelers, and a new electric vehicle financing business The company will also increase servicing.

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