Bike Bazaar, a two-wheeler funding and e-commerce startup has bagged Rs.25 crore (probably $3million) debt from MAS Financial. For the year 2024, this is the first debt round for the Pune-based startup.

According to the Startup’s regulatory filing obtained from the Registrar of Companies, Bike Bazaar’s board has passed a special resolution to issue 2,500 non-convertible debentures (NCDs) at an issue price of Rs. 1, 00,000 each to lift Rs.25 crore.

As per the filings, the debt investment is for the duration of 30 months with an interest rate of 10.70 percent annually.

To date, Bike Bazaar has lifted $80 million comprising its $30 million worth funding round directed by WAM - Women’s World Banking Asset Management which was closed in the month of February 2023.

As per the startup data intelligence platform TheKredible, Elevar Equity becomes the greatest external stakeholder with 25 percent and Faering Capital follows with 22 percent. The Co-founders of the startup Srinivas Kantheti & Karunakaran Vadakkepa acquires 12.47 percent stake of the startup respectively.

Established in the year 2017, the startup Bike Bazar offers financing solutions and services to the users seeking to purchase a two-wheeler. Also, the platform enables the loans for second-handled two-wheeler and electric two-wheelers. According to the startup’s official website, Bike Bazaar has provided financing solutions for more than 300,000 vehicles to date.

In the market, the startup competes with emerging players including CredR, Droom, Cars24 among others.