Baxi Taxi enters into Strategic
Partnership with Bajaj Finance, to Provide Easy Loans for Commercial Bikes
· India’s first on-demand bike taxi company has
signed an MoU with Bajaj Auto Finance to finance commercial bikes for their
next stage of growth.
· The company will be adding at least 10,000 new
bikes in the current Financial Year.
October, 2016:
74 BC
Technologies Pvt. Ltd., India’s first on-demand bike taxi company operating
commercial two wheelers under the “Baxi” brand, today signed an MoU with Bajaj
Finance Limited (Auto Finance division), the financing arm of the company
that first brought two-wheelers to India in 1948.
This landmark agreement, which brings
together a bike manufacturer with global appeal (more than half the bikes
exported from India are Bajaj make) and a local player with the biggest user
base, will provide a fillip to Baxi’s plans of on-boarding 10,000 bikes in the
current financial year.
As part of the agreement, Bajaj Finance
will provide attractive loans with Minimum processing fees, and very low down
payment, to salaried individuals who want to buy new bikes with the option to
operate on a ride share basis.
Anyone earning more than Rs. 10,000 per month
can now own a commercial bike, on easier terms compared to that of a regular
private bike, with the option to ride share on their way to and from work and
earn an extra income that takes care of their EMI and cost of petrol.
Mr. Ashutosh Johri, the co-founder of Baxi
and pioneer of the Bike Taxi industry in India, first came across this concept
in Africa, where he was the CEO of Mara Ison Technologies, spanning 22
countries.
He says, “Just the city of Lagos in Nigeria has more than 10 Lakh
Okadas, the local bike taxis, with Bajaj Boxer and Platina being the highest
selling models.
This means that almost every bike sold in that city is
registered by paying a nominal fee for the commercial permit, allowing the
owner to earn an extra income during their commute. With this strategic tie up
with Bajaj, we can realize the same potential for growth in India. We hope that
everyone buying economical bikes in the future will now opt for a commercial
version. We are excited about partnering with Bajaj in this journey.”
Mr. Raunaq Singh, Sr. VP, Bajaj Auto Ltd,
who heads Bajaj Auto Finance, feels that with bikes becoming an income generating
asset this partnership will further open up the two wheeler market in India.
He
adds, “People who could not afford to buy a two wheeler in the past, because of
the high upfront payments, can now own a bike and also earn their EMI and cost
of petrol. We look forward to unleashing the next wave of entrepreneurship in
the country; this partnership opens up a new concept in the personal transport
solution space
Baxi has completed more than half a
million rides in its 10 months of operations with a registered customer base of
more than a Lakh, and currently does nearly 3000 rides per day in Gurugram and
Faridabad. They will be expanding aggressively across Haryana in the coming
months.
For media contact
Nagaraj Perumal
Ketchum Sampark
break through
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