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WheelsEMI raises $21 mn; in talks to secure more funds

By Shubhobrota Dev Roy

  • 01 Sep 2022
WheelsEMI raises $21 mn; in talks to secure more funds
Credit: 123RF.com

WheelsEMI Pvt. Ltd, which runs two-wheeler lifecycle service startup Bike Bazaar, has raised Rs170 crore ($21 million) in its ongoing Series D round of funding from a consortium led by Women’s World Banking Asset Management, said a senior company executive.

The Pune-based firm is also in advanced talks with investors to raise an additional Rs 80 crore to take the total fundraise in the Series D round to Rs 250 crore, K. Srinivas, co-founder and managing director, Bike Bazar said in an interview. 

Bike Bazaar plans to deploy the fresh capital to grow its co-lending business across the two-wheeler segment, expand its geographical footprint and scale its electric vehicle business.

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“We have started co-lending with other partners. To reduce our dependency on debt, we are entering into the co-lending segment for two-wheeler business. We are also in talks with an NBFC and an old bank for co-lending,” said Srinivas.

“We hope 50% of our disbursements will be covered through co-lending. We are also planning for retail financing business and for the EV business, we are getting a lot of investors’ interest,” he added.

Founded by Srinivas, V. Karunakaran and Ratheesh B. in 2017, Bike Bazaar offers affordable financing for new and pre-owned two-wheelers and a range of other solutions along the ownership cycle. This includes an assured marketplace for trading pre-owned two wheelers, as well as leasing, insurance, servicing and spare parts management.

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Currently, the company operates in more than 140 India cities with 1,000 touchpoints and claims to have disbursed 300,000 two-wheeler loans so far. Earlier, Bike Bazaar raised Rs 25 crore in Series A, Rs 100 crore in Series B and Rs 105 crore in Series C rounds. 

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