Bike Bazaar, a prominent two-wheeler financing and e-commerce platform based in Pune, has successfully raised Rs 25 crore (approximately $3 million) in debt funding from MAS Financial Services Ltd. This marks the company’s first debt round in 2024.
According to regulatory filings accessed from the Registrar of Companies, Bike Bazaar’s board has approved the issuance of 2,500 Non-Convertible Debentures (NCDs) at an issue price of Rs 1,00,000 each to raise the aforementioned amount. The tenure of the debt investment is set at 30 months, carrying an interest rate of 10.70% per annum.
Founded in 2017, Bike Bazaar specializes in providing financing solutions for two-wheelers, including new, used, and electric vehicles. The platform has facilitated financing for over 300,000 vehicles to date and operates a robust marketplace for buying and selling two-wheelers.
With Elevar Equity holding the largest external stake at 25% and Faering Capital following closely with 22%, Bike Bazaar has raised approximately $80 million in funding thus far. Notably, a $30 million round led by Women’s World Banking Asset Management (WAM) in February last year contributed significantly to this total.
The latest infusion of funds from MAS Financial will be utilized to expand Bike Bazaar’s marketplace operations and enhance its footprint in rural markets. Despite challenges, the company reported a 20% increase in operational income to Rs 180 crore in FY23, with losses narrowing from Rs 55 crore to Rs 43 crore during the same period.
Competing with major players like Cars24, Droom, and CredR, Bike Bazaar continues to strengthen its position in the competitive two-wheeler financing and e-commerce sector, aiming for sustained growth and market leadership.
