Mumbai-based Incredible Technologies Limited, which owns and operates CredR, a consumer brand for used motorcycles, has secured an undisclosed round of funding in Debt from Stride Ventures.
The infusion of new funds will be utilised by the startup for financing the purchase of automobiles.
Ishpreet Gandhi, Managing Partner, Stride Ventures, said,
"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.”
Founded in 2015, CredR has an asset light online-to-offline distribution model, which has scaled to over 45 showrooms across major cities like Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad through the franchise model.
While the online channel helps CredR leverage the growing internet user base to raise awareness, generate interest and build a strong brand, showrooms facilitate a standardised and transparent purchasing experience to the consumer. CredR said it powers exchange programmes at OEM showrooms of Hero, Honda, Suzuki, TVS, Yamaha, Bajaj, Harley Davidson and Royal Enfield.
The company raised its seed round from the likes of Rohit Bansal, Kunal Bahl, K Ganesh, Sameer Sawhney, Deb and Amit Agarwal. It is also backed by institutions such as Omidyar Networks, Eight Road Ventures, Fidelity and proprietary investment arm, AngelList and GrowthStory.
Nikhil Jain, Co-founder, Incredible Technologies, added,
“We found an excellent partner in Stride, whose deep connects in the debt ecosystem and experience in the 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.”
Delhi-based Stride Ventures is focused on providing debt solutions to growth-stage startups. It had previously announced its first investment in Stellapps Technologies along with the first close of their maiden fund in November 2019.
(Edited by Saheli Sen Gupta)
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