India-based Bike Bazaar, which offers financing options for two-wheeled vehicles, has reportedly raised $21m as part of an ongoing Series D.
The Series D is led by Women’s World Banking Asset Management, according to a report from VcCircle, which cites a senior executive at the company.
Bike Bazaar is also in discussions to raise an additional INR 80 crore ($9m), which would bring the Series D’s total to INR 250 crore ($30.8m).
Capital from the round will be used to bolster Bike Bazaar’s lending across new segments, scale its electric vehicle business and grow its international presence.
Founded in 2017, the company offers financing options for two-wheel vehicles. There are multiple options for loans, including used bikes, new bikes, refinancing of vehicles, P2P and electric vehicles.
It claims to have issued over 300,000 two-wheeler loans since it was launched.
Bike Bazaar co-founder and managing director Srinivas Kantheti said, “We have started co-lending with other partners. To reduce our dependence 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.
“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.”
The company previously raised INR 105 crore ($12m) for its Series C round in 2020. It has also raised INR 100 crore (12m) and INR 25 crore ($3m) for its Series B and Series A rounds, respectively.
India’s FinTech sector has had a great start to 2023. Last week, digital payments app PhonePe joined the decacorn club after its $350m funding round put its valuation at $12bn.
Another notable development in India saw Chinese e-commerce giant Alibaba has reportedly sold half of its position in India-based payments company Paytm.
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