Auto tech startup Bike Bazaar witnessed a revenue of Rs 184 crore with expenses totaling to Rs 227 crore in FY23. A little over Rs 180 crore of the total revenue came in from operations, a spike when compared to the previous year’s Rs 150 crore. Close to 32% of the total expenses were spent of employee benefits, while over 20% was spent on finance costs.
The company’s losses for the financial year ending March 2023 stood at Rs 43 crore, a drop from FY22’s Rs 55 crore loss. The Pune-based company currently has a valuation of Rs 708 crore.
Bike Bazaar is a platform that facilitates the buying, selling, and financing of new and used two-wheelers. Founded in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, the company provides a range of affordable solutions and hassle-free experience along the two-wheeler lifecycle including financing to purchase new and preowned two wheelers, access to green bikes, insurance etc.
Till date, it has raised a total of Rs 475.12 crore over 6 funding rounds. The latest round, Series D, was raised on February and saw DEG as the lead investor.
While Elevar Equity holds a large chunk of the company shares, co-founders Srinivas Kantheti and Karunakaran Vadakkepat own over 7% and 4% of the company respectively.