Online two-wheeler marketplace and financing company Bike Bazaar raised ₹170 crore ($21 million) as a part of its ongoing Series D funding round.
The Pune-based company secured the 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 fundraise is primarily focused on cementing our position as a lifecycle services player in the two wheeler segment. We are thrilled to have Women’s World Banking Asset Management as an investor in our company. With a clear mandate of women empowerment, WAM will assist Bike Bazaar in its journey of getting more and more Women on Wheels (WOW),” Srinivas Kantheti, MD of Bike Bazaar said.
The company intends to use the Series D funds to go deeper into rural India as their need for personal mobility is rising, especially among women.
It’s also in advanced discussions with leading global investors to raise another ₹80 crore.
Bike Bazaar, like Cars 24, Droom, CarDekho and CarTrade, is a platform that provides end-to-end services — from verification to financing to insurance for people who want to buy second-hand vehicles.
It raised debt financing of over ₹250 crore from various banks and financial institutions in the last six months. It’s also in conversations with global electric vehicle focussed funds to raise ₹200-250 crore for its two wheeler EV financing, leasing and services business.
Founded in 2017, Bike Bazaar is present in over 140 cities across India with more than 1,000 touchpoints.