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WheelsEMI forays into used two-wheeler marketplace

Published in Automobile Monday, 20 September 2021 18:12

~Plans to open over 1000 franchisees and onboard 1 million customers by 2023~

Mumbai:  WheelsEMI Pvt Ltd,India’s leading two-wheeler financing company announced todayits entry in the used two-wheeler marketplace and service to tap emerging opportunities in this space. It recently underwent a Brandingexercise 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 wheelerswhile 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-ownedtwo-wheelermarket in India remains largely unorganized and has a huge potential. Bike Bazaar’s focus is to reach the Tier 2 andTier 3 towns of India and formalizethe used two-wheeler buying experience.It is on a hyper growth path and with its innovative direct collection model for ruraltwo-wheelers and strategic partnerships with banks and OEMs, Bike Bazaar aims to onboard over a million customers by FY24and develop a network of4000+ 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”.
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