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CredR raises about $6.4 million from Yamaha Motors and others in India.
Submitted by Livemint
1st of July, 2021
CredR’s parent company, Incredible Technologies Private Limited, has raised Rs 48.1 crore (about $6.5 million) in a new investment round led by Yamaha Motors and current investors Omidyar Network India and Eight Roads Ventures.
Astarc Ventures was also a participant in the round.
The funds will be used to help the Bengaluru-based company consolidate its market position, develop its technology platform, and extend its client services, according to the company.
CredR, a six-year-old company with an omnichannel presence, operates a used two-wheeler buying marketplace. Its flagship showrooms are located in Maharashtra, Karnataka, Delhi, NCR, and Rajasthan.
“Our cooperation with Yamaha Motors reinforces our shared aim of providing customers with the greatest used two-wheeler buying and selling experience possible. In the world of global mobility, they are a force to be reckoned with. According to Sasidhar Nandigam, co-founder of CredR, “the money raised in this round will allow us move further into existing markets and create world-class client experiences empowered by technology.”
CredR now has a dealer network of over 1,00,000 across India.
“We invested in CredR in 2019 and are increasing our investment because we continue to believe that two-wheelers are the preferred mode of transportation in India’s top 30 cities as well as the rest of the country. The epidemic has heightened the demand for affordable private ownership, particularly among the Next Half Billion, according to Aditya Misra, principal of Omidyar Network India.
CredR has assisted over 300,000 Indians in purchasing a used two-wheeler of their choice since its beginning.
Customers can search for and book a used two-wheeler on the company’s website. They can then finish the test ride and ultimate transaction at a CredR showroom near them.
“India is one of the world’s largest mobility markets, and the personal freedom that motorbikes and scooters provide, whether new or used, is a tremendous and long-term advantage for the people of this country. We decided to invest in CredR because of its clear vision behind its growing used two-wheeler business,” said Hajime Aota, senior general manager of new venture business development at Yamaha Motor Co, Ltd.
Amit Agarwal, CEO of Amazon India; Rohit Bansal and Kunal Bahl of Snapdeal, among others, are among CredR’s angel investors.
The original version of this article appeared on livemint.com.
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