Bangalore-based Incredible Technologies Private Limited (CredR), has raised ₹48.1 crore ($6.5 million), in its latest round led by Yamaha Motors, and existing investors Omidyar Network India and Eight Roads Ventures, with participation from automotive focused Astarc Ventures.

CredR, a used two-wheeler consumer brand, creates an omnichannel buying experience, through a chain of flagship showrooms across Maharashtra, Karnataka, Delhi, NCR and Rajasthan. The funding will be used towards consolidating its market position, strengthening its technology platform and expanding customer offerings, a press statement from the company said on Wednesday.

Founded in 2015, CredR has been focused on formalising the unorganised and fragmented used two-wheeler market, with over 1 lakh dealers, across India. Even though India's used two-wheeler market accounts for over 30 million annualised units, challenges around standardisation of pricing, strong quality inspection and customer experience, and most notably post-sales support, persist. CredR's hopes to solve the existing trust deficit in the category through their full-stack vertically integrated business model empowered with technology.

CredR has been able to sell over three lakh used two-wheelers since its launch. 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. CredR also offers home test rides and contactless home deliveries of their used two-wheelers.

Sasidhar Nandigam, Co-Founder, CredR said, “Yamaha Motors’ comprehensive understanding and experience in the two-wheeler mobility segment aligns with our first-to-market business model. The pandemic has catalysed the already existing demand for affordable private mobility in India, and these funds will allow us to scale rapidly and fulfil this demand.”

Related Topics
comment COMMENT NOW