26 Jan 2021, Edition - 2023, Tuesday
CredR Raises USD 6 Mn in Latest Round Led by Omidyar Network India
December 6, 2019
Business Wire India Mumbai-based Incredible Technologies Private Limited (“CredR”), has raised INR 38 crores (US$ 6 Mn) from
Omidyar Network India as well as existing investors. The company is India’s largest used motorcycles consumer brand that integrates online and offline user buying experience through a chain of 50+ CredR franchisee showrooms across Pune, Bengaluru, Delhi NCR, Jaipur, Kota and Hyderabad. Prior to this round, CredR raised funds from Eight Roads Ventures, AngelList, GrowthStory, Angel investors and venture debt from Blacksoil capital.
Founded by Nikhil Jain, CredR has focused on creating a niche in the used motorcycles segment which is highly unorganised and very fragmented with over 1000 dealers, on average, in any major city. While, India is the world’s largest two wheeler market with over 20 million new units sold every year, the used motorcycles market is even bigger with over 30 million motorcycles sold every year. This massive and rapidly growing used motorcycles market is plagued by problems like poor customer experience, suspect motorcycles quality, lack of standard pricing and non-existent post sales services creating a massive trust deficit in the minds of the customers.
Using its proprietary technology and full stack vertically integrated business model, CredR is striving towards revolutionising the entire customer experience. Moreover, CredR is also providing a formalized platform for tens of thousands of auto original equipment manufacturer stores and used motorcycles dealers. Customers can either choose motorcycles on the website and then complete the transaction by buying them from the nearest CredR showroom or can directly walk into these showrooms and buy the vehicles. Over 130,000 customers have purchased the refurbished motorcycles at the best prices coupled with industry’s best and first in class post sales services.
Speaking about the company’s goal for the future, Nikhil Jain, Founder & CEO, CredR said, “Our partnership with Omidyar Network India validates our shared vision to provide customer the best option to buy / sell used motorcycles. The funds raised in this round would help us to go deeper in the existing markets and to provide world class customer experience using technology by expanding our tech and product teams.”
Speaking about CredR’s fundraise, Sasidhar Nandigam, CSO, CredR said, “We are excited to partner with Omidyar Network India in our journey to build India’s first used motorcycle consumer brand “CredR” that stands for trust in the highly unorganized, fragmented and massive market. Omidyar Network India’s deep understanding of the consumer brands and experience with mobility segment aligns with our first to market business model.”
Commenting on this investment, Siddharth Nautiyal, Investment Partner, Omidyar Network India said,
“Two wheelers are the choice of transportation as much in the top 30 cities in India as the rest of the country. CredR is tapping into an exciting space that combines tech led solutions with real world platforms. We believe this convergence of online and offline is key to enhancing consumer trust in the next half billion.”