Bike Bazaar, an India-based two-wheeler financing startup has raised over $21 million in its new funding round led by Women's World Banking Asset Management (WAM), in participation with Elevar Equity and Faering Capital.
- The fund will be invested in its business in rural India and also scale its marketplace business for the sale and purchase of used two-wheelers, the startup claims.
- Founded in 2017, Bike Bazaar is a two-wheeler financing business. It currently provides other services like new two-wheeler financing, a marketplace for pre-owned two-wheelers, a new electric vehicle financing business, leasing and insurance, and servicing, which it intends to soon add to its list of offerings.
- Karunakaran Vadakkepat, co-founder of Bike Bazaar says the startup is leveraging costs by providing value-added services including RTO transfers and insurance, alongside its financing services. Vadakkepat added that the startup is looking to accommodate funding for its EV financing business. It is in talks to raise over $10 million in fresh funding and more than $31 million from global investors for its EV business.
- Women's World Banking invested in the round in its bid to improve economic empowerment for women in India by providing affordable and accessible two-wheeler financing for underserved women in the country. It aims to support women's mobility, asset bases and credit profiles.