Leading two-wheeler finance and e-commerce platform Bike Bazaar has obtained debt capital from MAS Financial Services Ltd. for a total of Rs 25 crore, or roughly $3 million. This calculated action bolsters Bike Bazaar’s cash reserves and supports its ongoing expansion in the Indian two-wheeler industry.
Boosting Growth with Debt Financing
Bike Bazaar issued 2,500 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 apiece to help with the fundraising. Entrackr, citing regulatory papers obtained from the Registrar of Companies, revealed that the debt investment has a 30-month duration and an annual interest rate of 10.70%.
Building on a Strong Foundation
This loan round broadens Bike Bazaar’s already stellar record of funding. Prior to this, the company raised about $80 million from well-known financiers such as Women’s World Banking, Elevar Equity, Faering Capital, and KFW DEG. Notably, Women’s World Banking Asset Management (WAM) spearheaded a noteworthy $30 million investment round in February 2023.
Empowering Two-Wheeler Ownership
Founded in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, Bike Bazaar has established itself as a key player in facilitating two-wheeler ownership in India. Their comprehensive services cater to both new and used two-wheeler purchases, including electric vehicles.
A One-Stop Shop for Two-Wheeler Needs
The influence of Bike Bazaar goes beyond funding. They run a well-functioning online store where clients may easily purchase and sell two-wheelers. For their clients, this integrated strategy streamlines the entire two-wheeler ownership process.
Strong Leadership and Ownership Structure
According to TheKredible, a startup data intelligence platform, Elevar Equity holds the largest external stake in Bike Bazaar at 25%. Faering Capital follows closely at 22%. The company’s co-founders, Srinivas Kantheti and Karunakaran Vadakkepa, maintain a combined ownership of 12.47%.The debt funding from MAS Financial underscores Bike Bazaar’s potential for continued growth. With its diversified funding strategy, innovative approach, and commitment to customer experience, Bike Bazaar is well-positioned to play a leading role in the evolving Indian two-wheeler landscape.
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