Used two-wheeler marketplace CredR owned by Incredible Technologies Limited has secured an undisclosed round of debt funding from Stride Ventures.
Mumbai-based CredR is a consumer-facing marketplace that allows two-wheeler owners to connect with potential buyers. The fresh debt funding will be utilized by the company for financing the purchase of automobiles.
This is the second investment of Stride Ventures, a venture debt fund firm, in a startup after it closed its maiden venture debt fund worth ₹100 crore in December 2019. The investment firm aims to close another ₹400 crore even as it continues to deploy capital in startups.
Launched in 2014 by three alumni of Indian Institute of Technology, Bombay, CredR has raised around $20 million till date from investors such as Omidyar Network, Eight Roads Ventures, GrowthStory, AngelList and others.
The startup aims at resolving the most common conflicts that a buyer or seller of used automobiles may face using online tools. CredR operates on an asset-light online-to-offline distribution model that operates in around 45 offline locations in the country.
CredR retail showrooms are present across cities like Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad and operate using a franchise model. It also has exchange programs through a partnership with leading manufacturer showrooms of Hero, Honda, Suzuki, TVS, Yamaha, Bajaj, Harley Davidson, and Royal Enfield.
“We found excellent partner in Stride, whose deep connects in debt ecosystem and experience in asset financing segment will help us massively to scale our business. We specifically like their approach of thinking like an entrepreneur and not as conventional lender,” Nikhil Jain, co-founder, CredR said in a statement.
“India is the biggest two wheeler market in the world. CredR is tapping into a market with enormous potential by leveraging technology enabled solutions. More importantly, by ensuring transparency and affordability without compromising on quality, they are enhancing the trust of the consumers,” added Ishpreet Gandhi, managing partner, Stride Ventures.
