Sunday, July 14, 2024

Bike Bazaar Raises Rs 25 Crore in Debt Funding

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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

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.

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