Incredible Technologies Private Limited, which operates CredR, has raised ₹48.1 crore (approx. $6.5 million), as a part of its latest funding round led by Yamaha Motors, and existing investors Omidyar Network India and Eight Roads Ventures.
The round also saw participation from Astarc Ventures.
According to the Bengaluru-based company, the funding will be used towards consolidating its market position, strengthening its technology platform and expanding customer offerings.
Six-year-old CredR operates used two-wheeler buying platform, through an omnichannel presence. It has a chain of flagship showrooms across Maharashtra, Karnataka, Delhi, NCR and Rajasthan.
“Our partnership with Yamaha Motors validates our shared vision to provide customers the best option to buy or sell used two-wheelers. They are a name to be reckoned with in the global mobility sphere. The funds raised in this round would help us to go deeper into existing markets and provide world class customer experience empowered with technology,” said Sasidhar Nandigam, co-founder, CredR.
At present, CredR has a network of over 1,00,000 dealers, across India.
“We first invested in CredR in 2019 and are doubling down because we continue to believe that two-wheelers are the choice of transportation as much in the top 30 cities in India as the rest of the country. The pandemic has accelerated the need for affordable private ownership especially among the Next Half Billion,” said Aditya Misra, principal, Omidyar Network India.
Since its inception, CredR has been able to help over 300,000 Indians own a used two-wheeler of their choice.
On its online platform, customers can discover and book a used two-wheeler of their choice. They can then complete the test ride and the final transaction by visiting their nearest CredR showroom.
“India is one of the biggest mobility markets in the world and the personal freedom that motorcycles, and scooters bring, is a huge and lasting benefit for this country’s people, regardless of whether they are new or used. CredR’s clear vision behind its thriving used two-wheeler business resonated with us, and we decided to invest in the company,” said Hajime Aota, senior general manager of new venture business development, Yamaha Motor Co, Ltd.
CredR is also backed by several angel investors, including Amit Agarwal, CEO, Amazon India; Rohit Bansal and Kunal Bahl of Snapdeal among others.
