On-demand bike taxi operator BC Technologies which runs under the 'Baxi' brand, today signed an agreement with Bajaj Auto Finance for providing motorcycle loans.
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, BC Technologies said in a statement.
"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," Baxi co-founder Ashutosh Johri said.
Citing the example of Lagos in Nigeria which has more than 10 lakh Okadas, the local bike taxis, with Bajaj Boxer and Platina being the highest selling models, he said: "With this strategic tie up with Bajaj, we can realize the same potential for growth in India."
The tie up will provide a fillip to Baxi's plans of on-boarding 10,000 bikes in the current financial year, the company said.
Bajaj Auto Senior Vice President, Raunaq Singh, who heads Bajaj Auto Finance said 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," Singh added.
Baxi claims to have completed more than half a million rides in its 10 months of operations with a registered customer base of more than a lakh. It currently does nearly 3000 rides per day in Gurugram and Faridabad.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)