WheelsEMI Pvt Ltd, which runs two-wheeler marketplace Bike Bazaar, on Monday said it has marked the final close of its Series D funding round at $30 million (around Rs 250 crore).
The round comprised of two tranches. In the first leg, Bike Bazaar had raised $20.6 million from Women’s World Banking Asset Management and Lending Partners, while in the second leg, the company secured $10 million from Deutsche Investitions- und Entwicklungsgesellschaft (DEG).
The Pune-based startup has raised a total of $58.4 million (around Rs 482 crore) in equity funding so far.
The fresh funds will be deployed for geographical expansion as well as scaling electric mobility business in the business-to-business and business-to-customer space.
“Bike Bazaar is doubling down on electric two-wheeler financing by offering products including leasing and rental solutions, especially for last-mile delivery in the e-commerce & food-delivery industry,” said Srinivas Kantheti, co-founder and managing director at Bike Bazaar.
Founded by Srinivas, V Karunakaran and Ratheesh B in 2017, Bike Bazaar offers affordable financing for new and pre-owned two-wheelers and a range of other solutions along the ownership cycle. This includes an assured marketplace for trading pre-owned two-wheelers, leasing, insurance, servicing, and spare parts management.
The company claims to have disbursed 3,75,000 two-wheeler loans till date and made a cumulative disbursement of Rs 2,000 crore as of December 2022. It aims to achieve Rs 1,000 crore in assets under management (AUM) by the end of the current financial year.
Earlier, Bike Bazaar had raised $3.03 million, $12.1 million and $12.7 million in Series A, B and C funding rounds respectively.
Germany-based DEG invests in enterprises operating in developing and emerging-market countries and claims to have a portfolio of around EUR 9.2 billion. The firm had also invested in Jungle Ventures’ fourth Southeast Asia and India-focused venture capital (VC) fund, which raised a corpus of $600 million.
In 2022, the two-wheeler financing space saw an uptick in investments.
In May, electric vehicles financing startup Three Wheels United raised $10 million as a part of its Series A funding round led by Delta Corp Holdings. Prior to that, two-wheeler-focused financing platform Berar Finance Ltd had raised $13 million in a funding round led by Denmark-based private equity fund Maj Invest.
Tags: WheelsEMI Pvt Ltd, Bike Bazaar, Three Wheels United, DEG, Berar Finance
