Two-wheeler financing firm WheelsEMI on Monday announced its entry in the used two-wheeler marketplace to tap emerging opportunities in this space.
The company plans to open over 100 franchisees and onboard one-million customers by 2023, as part of its next phase of journey under a unified brand, 'Bike Bazaar', it said in a release.
The pre-owned two-wheeler market in India remains largely unorganized and has a huge potential, the company said.
Bike Bazaar's focus is to reach the Tier 2 and Tier 3 towns of India and formalise the used two-wheeler buying experience, it said.
The company recently underwent a branding exercise to formalise the used two-wheeler ecosystem across India, as per the release.
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, it said.
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, it said.
It is on a hyper growth path with its innovative direct collection model for rural two-wheelers and strategic partnerships with banks and original equipment manufacturers (OEMs), said the release.
Bike Bazaar aims to onboard over a million customers by FY24, and develop a network of over 4,000 franchisees during this period.
The company said it also aims to be the largest financier of electric two-wheelers and believes that as much as 30 per cent of all new two-wheelers will be electric vehicles by 2030.
K Srinivas, Co-founder, Bike Bazaar said, "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 the company's renewed focus on two-wheeler lifecycle services and its pan-India presence and dealer distribution network, "we aim to onboard 1-million customers and grow our loan book to Rs 3,000 crore by FY24,” he said.
Since inception, the company said, Bike Bazaar has onboarded more than 1.8 lakh customers and has over Rs 5-billion assets under management through its over 1,000 franchisees across India.
Besides, over the last three years, the company has expanded across 13 states and over 100 cities in India with over 1.8 lakh customers.