Debt financing
Two-wheeler financier Bike Bazaar raises Rs.25-Cr from MAS Financial
Pune-based two-wheeler financing and e-commerce platform Bike Bazaar has raised INR 25 crore (about USD 3 million) in debt from MAS Financial. Bike Bazaar will issue 2,500 NCDs (non-convertible debentures) at INR 1,00,000 each to raise INR 25 crore. The debt investment is for 30 months at the rate of 10.70% per annum.Founded in 2017, Bike Bazaar provides financing services to customers looking to buy a two-wheeler. It has raised around USD 80 million to date including its USD 30 million round led by Women’s World Banking Asset Management (WAM) which closed in February last year. Elevar Equity is the largest external stakeholder in the firm with 25% followed by Faering Capital’s 22%. Its co-founders Srinivas Kantheti and Karunakaran Vadakkepa cumulatively command 12.47% of the company. The firm’s income from operations rose 20% to INR 180 crore in FY23.
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