Hi Prathamesh,
Bitbucket doesn't provide any automated way of generating backups. Git already acts like some kind of back up, as a Distributed Version Control System you could always just sync your repository to other locations to back it up.
Backups are still very important, but consider that every person on your team that has forked your repository has a complete copy with a full history. Also, it's very easy to setup mirrors, you can learn more at Smart mirroring for Bitbucket Cloud.
If you're looking for an existing tool, I personally can not recommend one but one of our users suggested taking a look at SCM Backup tool. Please note that this is a third party software, so proceed at your own risk.
Hope this helps you, Prathamesh! If you have any other questions, do not hesitate to let us know.
Best regards,
Ana
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