Bike Bazaar, a Pune-based two-wheeler financing and e-commerce platform, has secured Rs 25 crore in debt funding from MAS Financial Services Ltd. This funding aims to support the company’s growth and expansion in the two-wheeler financing market.
Debt Funding Details
The board at Bike Bazaar approved a special resolution to issue 2,500 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each, raising a total of Rs 25 crore. The debt investment is structured for a tenure of 30 months and carries an interest rate of 10.70% per annum.
Previous Funding and Investors
So far, Bike Bazaar has raised around $80 million from various investors, including KFW DEG, Faering Capital, Elevar Equity, and Women’s World Banking. In February last year, the startup raised $30 million in a funding round led by Women’s World Banking Asset Management (WAM).
![funding indication board](https://bizbracket.in/wp-content/uploads/2024/03/Bandhoo-Funding-3-1024x576.jpg)
About Bike Bazaar
Founded in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, Bike Bazaar provides financing services for customers looking to purchase two-wheelers, including used and electric models. The company has facilitated loans for over 300,000 vehicles and operates a marketplace for buying and selling two-wheelers.
Ownership and Stakeholders
According to startup data intelligence platform TheKredible, Elevar Equity holds the largest external stake in Bike Bazaar at 25%, followed by Faering Capital at 22%. The co-founders, Srinivas Kantheti and Karunakaran Vadakkepat, collectively own 12.47% of the company.
With this new debt funding from MAS Financial, Bike Bazaar aims to further expand its services and strengthen its position in the two-wheeler financing market. The startup continues to attract significant investments, highlighting its growth potential and success in the industry.