India-based used-motorcycle marketplace Bike Bazaar has struck a financing deal with Montra Electric, an EV brand predominantly manufacturing three-wheelers for commercial purposes.

According to a report, the deal will see Pune-headquartered Bike Bazaar provide vehicle loans to customers of Montra Electric. Buyers will be able to access Bike Bazaar’s loan offers, including specially curated low-interest and long-tenure options, for the Monta Electric Super Auto model.

“As India embraces greener mobility, we are dedicated to easing our customers’ transition to sustainability,” said Roy Kurian, business head at Montra Electric’s three-wheeler division. “With lower interest rates and extended loan terms for Super Auto ownership, we aim to not only alleviate financial burdens but also promote environmentally responsible practices.”

“Being committed to making a positive impact in the ESG domain, we align closely with Montra Electric’s vision for a sustainable world,” added Karunakaran Vadakkepat, co-founder and joint MD at Bike Bazaar. “We are confident that our collaboration will set new benchmarks in the three-wheeler industry and advance the cause of clean energy adoption in India.”

To this end, Bike Bazaar has sought to differentiate itself from used-motorcycle marketplaces in India through an impact-driven approach to new partnerships and initiatives. In September 2022, Women’s World Banking Asset Management (WAM) invested $21 million U.S. in Bike Bazaar, particularly encouraged by the latter’s focus on empowering women in rural areas with access to private transport. Bike Bazaar later raised $10 million from Germany-based bank KfW, in January 2023.

Founded in 2017 by Vadakkepat and Srinivas Kantheti, Bike Bazaar specializes in the sales, financing, insurance and servicing of used motorcycles. It has so far disbursed INR31.6 billion ($380 million U.S.) in loans across 144 locations in India through various lenders.

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