ImpactAlpha, February 7 – Bike Bazaar started out providing financing for the popular two-wheel vehicles in India. It used financing as a means to promote vehicle safety and sustainable management of used and damaged vehicles.
The Pune-based company has raised $30 million in Series D financing. German development bank DEG invested $10 million. Women World’s Banking, Elevar Equity and Faering Capital also backed the round.
Bike Bazaar will use the capital to ramp up electric scooter financing and expand into India’s second and third tier cities, as well as rural areas.
Bike Bazaar has more than 1,000 outlets in 140 cities in India. Part of its rural strategy focuses on improving women’s mobility.