Two-wheeler financing platform Bike Bazaar has raised Rs 170 crore in a new funding round led by Women’s World Banking Asset Management (WAM), according to a report by Entrackr. Elevar Equity and Faeing Capital, who are existing investors in the company, also participated in the funding round. 

According to the report, WAM spearheaded the funding round with a Rs 75 crore investment, followed by Light Travel and Elevar Equity worth Rs 60 crore and 4 crore, respectively. Notably, the development comes months after other reports emerged that Bike Bazaar’s parent company WheelsEMI has been looking to raise $35 to $40 dollars in a Series C funding round to broaden its portfolio. 

Founded in 2017, Bike Bazaar offers financial services to two-wheeler customers. The platform also has a facility to provide loans for used two-wheelers and electric two-wheelers. 

In FY21 the company’s income from operations soared by 66 per cent to Rs 84.4 crore, while its losses increased by 22 per cent to Rs 47 crore, as per the company’s statement.

With the latest funding round, Bike Bazaar is looking to a heavily competitive two-wheeler space, which already has a presence of start-ups such as Cars24, Droom and CredR.