Two wheeler e-commerce and financing platform Bikebazaar raises has raised Rs 25 crore in debt from MAS Financial. The company is based on pune and this is first debt round by the company .
Bike bazar board has passed a special resolution to issue 2,500 NCDs (non-convertible debentures) at an issue price of Rs 1,00,000 each to raise Rs 25 crore, its regulatory filing accessed from the Registrar of Companies shows.
According to report , the debt investment is for the tenure of 30 months with a rate of interest rate of 10.70% per annum.
Founded in 2017, BikeBazaar provides financing services to customers looking to buy a two-wheeler. The platform also facilitates loans for used two-wheelers and electric two-wheelers and as per its website, the company has financed over 300,000 vehicles to date.
Apart from financing, Bike Bazaar is also a marketplace for selling and buying two-wheelers. The company plans to use the new funds to scale this marketplace and aims to expand its presence in the rural market.
Bike Bazaar has also raised around $80 million to date including its $30 million round led by Women’s World Banking Asset Management (WAM) which closed in February last year.
Bike Bazaar is yet to file its financial statement for FY24 but its income from operations surged 20% to Rs 180 crore in FY23, as per its annual financial statement filed with the RoC. The company managed to control its losses to Rs 43 crore in FY23 from Rs 55 crore in the previous year.