WheelsEMI Pvt Ltd, two-wheeler financing company announced today its entry in the used two-wheeler marketplace and service to tap emerging opportunities in this space.
It recently underwent a Branding exercise to reflect the company’s decision to evolve its business and formalize the used two-wheeler ecosystem across India.
Complementing two-wheeler financing, the brand Bike Bazaar, in addition to offering financing of two wheelers, will become a transparent marketplace for pre-owned two wheelers while offering value across the entire Ownership-Ridership cycle, it said in a press release.
Started four and half years back by Industry veterans V Karunakaran, K Srinivas and Ratheesh Bharathan, Bike Bazaar has onboarded more than 1.8 lakh customers and has over Rs 5 billion assets under management through its over 1,000 franchisees across India.
The pre-owned two-wheeler market in India remains largely unorganized and has a huge potential. Bike Bazaar’s focus is to reach the Tier 2 and Tier 3 towns of India and formalize the used two-wheeler buying experience. It is on a hyper growth path and with its innovative direct collection model for rural two-wheelers and strategic partnerships with banks and OEMs, It aims to onboard over a million customers by FY24 and develop a network of 4000+ franchisees during this period.
K Srinivas, Co-founder, Bike Bazaar, “We look forward to our next phase of journey under a unified brand Bike Bazaar. With our renewed focus on two-wheeler lifecycle services and our pan-India presence and dealer distribution network, we aim to onboard 1 million customers and grow our loan book to Rs 3,000 crore by FY24”.
