[Funding alert] Motorcycle marketplace CredR raises $6M led by Omidyar Network India
Mumbai-based Incredible Technologies Private Limited or CredR, announced that it raised Rs 38 crore (approx $6 million) led by Omidyar Network India.
Existing investors Eight Roads Ventures, GrowthStory, and AngelList also participated in this round. The company plans to use the freshly raised funds to enhance its customer experience.
In a statement, Nikhil Jain, Founder and CEO of CredR, said,
"Our partnership with Omidyar Network India validates our shared vision to provide customer the best option to buy or 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.”
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.”
CredR is a used motorcycle marketplace that integrated both offline and online user buying experience through its chain of more than 50 franchisee showrooms across Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad.
The startup focusses on creating a niche in the unorganised and fragmented, used-motorcycles segment. It aims to simplify the entire process of transacting in used motorcycles. Using its proprietary technology and full-stack vertically integrated business model, CredR is revolutionising the entire customer experience.
Customers can either choose motorcycles on the website and then complete the transaction by buying them from the nearest CredR showroom or directly walk into these showrooms and buy the vehicles.
The startup claims that it has sold refurbished motorcycles to more than 130,000 customers to date.
In 2015, it had raised a Series A funding round of $15 million by Eight Roads Venture, Fidelity's proprietary investment arm. AngelList, GrowthStory, angel investors, and Blacksoil Capital are also investors in CredR.
The company raised its seed round from the likes of Rohit Bansal, Kunal Bahl, K Ganesh, and Amit Agarwal.
Omidyar Network India is part of the Omidyar Group, a diverse collection of companies, organisations, and initiatives, supported by philanthropists Pam and Pierre Omidyar, Founder of eBay. Omidyar Network India invests to drive empowerment and social impact at scale.
(Edited by Saheli Sen Gupta)