Mumbai:
Bike Bazaar Finance, an arm of two-wheeler life cycle administration startup Bike Bazaar, has disbursed loans price INR 100 crore to finance the acquisition of Hero MotoCorp two-wheelers in November 2021.The corporate has financed round 17,000 Hero two-wheelers, which is almost 95% of its disbursements. The corporate has an ongoing alliance with Hero MotoCorp, the world’s largest producer of bikes and scooters, to facilitate loans to clients who don’t have entry to organised retail finance.
“It took us three months to hit our first INR 1-crore disbursal in 2017 and at the moment now we have reached a degree of INR 100 crore disbursal in a month. This has been an incredible milestone for us that will not have been potential with out the help of the Hero MotoCorp crew & its community companions. We’re dedicated to constructing upon our distinctive providing and increasing additional so as to add worth to our community & OEM companions,” stated V Karunakaran, co-founder & joint MD – Bike Bazaar.
In response to Naveen Chauhan, head of gross sales at Hero MotoCorp, Bike Bazaar has supplied immense worth to the corporate’s sellers & clients, particularly within the rural market. “Their distinctive providing of direct assortment mannequin within the rural market has been effectively accepted by each our clients & channel companions.”
Bike Bazaar Finance has a presence in over 400 places throughout the states of Uttar Pradesh, Bihar, Madhya Pradesh, Haryana, Rajasthan and West Bengal. The corporate plans to strengthen its focus in these states and canopy greater than double the present places by the following monetary 12 months.
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Although client demand for pre-owned autos in India is skyrocketing, financing penetration on this section is simply 15%, the corporate stated.
