BaxiTaxi enters into Strategic Partnership with Bajaj Finance, to Provide Easy Loans for Commercial Bikes
Pune, 14th October, 2016:74 BC Technologies Pvt. Ltd., India’s firston-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 INR 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.
AshutoshJohri, 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 thisstrategic 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.”
Raunaq Singh, Sr. VP, Bajaj Auto Ltd, who heads BajajAuto 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 nearly3000 rides per day in Gurugram and Faridabad. They will be expanding aggressively across Haryana in the coming months.
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