$10 M received by Bike Bazaar to boost two-wheeler sector in rural India
According to Research and Markets, India has one of the largest two-wheeler markets in the world, with an expected value of roughly US $16 billion in 2022 and a projected value of US $26.6 billion by 2028.
Two-wheeler sales in the South Asian nation might exceed 17 million units in FY 2023, according to Bike Bazaar, a company that specializes in two-wheeler finance, which is driven by high demand in lower-tier markets.
The startup has acquired an extra US $10 million from Germany’s DEG to hasten its expansion, capping its series D investment at a total of US $30 million.
Bike Bazaar will increase its investment in finance for electric mobility for both end users and enterprises and further expand its market penetration in rural India with additional funding. The business intends to expand the range of rental alternatives it offers in addition to loans and leases.
The co-founders of Bike Bazaar, Srinivas Kantheti, and Karunakaran Vadakkepat, both have substantial backgrounds working for Bajaj Auto, one of India’s leading two-wheeler producers.
The company said that since its establishment in 2017, it has provided services to over 326,000 clients across 140 sites in India. By the end of FY 2023, it is anticipated that its assets under management would total 10 billion rupees ($121.2 million).
