WheelsEMI forays into used two-wheeler marketplace and service under unified brand Bike Bazaar to reflect renewed focus and strategy
Mumbai: WheelsEMI Pvt Ltd, India’s leading 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 aligns with the company’s vision to be the first and the largest two-wheeler lifecycle management company in India. 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.
The Branding exercise demonstrates a significant step forward in this dynamic company’s growth strategy to ensure it is best placed to take advantage of opportunities within the used two-wheeler marketplace and forge ahead. Started four and half years back by Industry veterans V Karunakaran, K Srinivas and Ratheesh Bharathan, the company’s reputation and customer base has grown from strength to strength, delivering finance solutions for Rural, Pre-owned and Electric Vehicles.
Since inception, Bike Bazaar has onboarded more than 1.8 Lakh customers and has over INR 5 billion assets under management through its over 1000 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, Bike Bazaar aims to onboard over a million customers by FY24 and develop a network of 4000+ franchisees during this period. It also aims to be the largest financer of electric two-wheelers and believes that 30% of all new two-wheelers will be electric vehicles by 2030.
Mr K Srinivas, Co-founder, Bike Bazaar “, We look forward to our next phase of journey under a unified brand Bike Bazaar. It is a pivotal milestone for the business, representing our vision for our future to become India’s largest two-wheeler lifecycle management company. 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 INR 3,000 crore by FY24”.
About Bike Bazaar:
Bike Bazaar (the brand name of WheelsEMI Pvt Ltd) is India’s first two-wheeler life cycle management company offering a range of affordable solutions along the two-wheeler ownership-ridership lifecycle, driving mobility for working families including financing to purchase new and pre-owned two wheelers, access to Electric bikes, insurance, servicing, spare parts management and a transparent marketplace for pre-owned two wheelers. Over the last three years, the company has expanded across 13 states and 100+ cities in India with over 1.8 Lakh customers.