Two-wheeler finance marketplace Bike Bazaar has just closed a $21.3 million investment round, with Women’s World Banking Asset Management as the lead investor (WAM). This round was supported by the company’s current investors, including Elevar Equity and Faering Capital.

According to the company’s papers with the Registrar of Companies, the round was led by Women’s World Banking Asset Management (WAM), which invested Rs 75 crore. Additional investors Light Travels and Elevar Equity contributed Rs 60 crore and Rs 4 crore, respectively (RoC).

Companies like AMP Fitness and ECO power, among others, have contributed a total of Rs 31 crore.

Bike Bazaar, established in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, is a finance company for people who want to buy motorcycles. According to the website, the company has financed more than 300,000 loans for used two-wheelers and electric two-wheelers.

Bike Bazaar is a marketplace where you can buy and sell bicycles as well as obtain financing. Company documents indicate that the new capital will be used to increase the size of the aforementioned marketplace and to increase the firm’s visibility in rural areas.

In total, Rs 400 crore ($50 million) have been invested into the business. The company is worth about $90 million, according to valuation estimations provided by Fintarckr.

Months after rumours surfaced that WheelsEMI’s parent company was hoping to raise $35-40 million in a series C investment, the company has finally secured enough money to bring its finance-focused concept to market. Similarly, the company rebranded from WheelsEMI to Bike Bazaar to imply a wider range of products.

The second-hand two-wheeler market in India is booming, and Bike Bazaar wants a piece of the action. Competitors in this market include Cars24, Droom, and CredR, all of which are startups.

BankBazaar has not yet submitted its financial statement for FY22, however in FY21, the company reported an increase in income from operations of 66% to Rs 84.4 crore. Losses during the fiscal year ending in March 2021 increased by 22%, to Rs 47 crore.

Although there is intense competition in the two-wheeler lending market, the magnitude of the category—nearly 20 million vehicles—means that chances will always be substantial. The current EV growth in this region has also created space for niche businesses to flourish. Loan terms rarely exceed three years, and interest rates tend to be higher. But because of the typical age of the purchasers and other reasons, the stakes are higher. As a result, a systemic risk within a company’s risk assessment can frequently result in enormous mistakes.

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