CredR, the fast growing used vehicles marketplace, announced today the closing of a $15M Series A round by Fidelity proprietary investment arm, Eight Roads Ventures.
The funding will enable CredR to rapidly scale up its product engineering marketing and further build its market leading product platform across 20 Indian cities. Started by three IIT-Bombay alumni, CredR, which raised seed funding earlier this year from leading investors including K. Ganesh, Kunal Bahl Rohit Bansal of Snapdeal, and Amit Agarwal of Amazon, has seen multi-fold month-over-month transaction growth.
We are focusing on the large used vehicle market with an estimated value of $10 billion. The market is ripe for technology-led disruption that CredR aims to bring in the process of buying and selling pre-owned vehicles, says Nikhil Jain, Co-Founder of CredR.
We are here to completely transform the experience of buying and selling a pre-owned bike. While buyers get a seamless experience similar to a new vehicle purchase – complete with expert-tested bikes and unmatched services; sellers have the assurance of getting a fair price for their prized two-wheelers. With Fidelity coming onboard, our growth plans have just been put into top gear. says Sumit Chhazed, Co-Founder of CredR.
As a passionate biker, speaking from his own past experience of purchasing a used bike, Nittin Mittal, Co-Founder said, CredR purpose is to revolutionize the pre-owned automobile industry in India by coupling trust, convenience and transparency with intelligent leveraging of technology.
Following the close of this round of financing, Kabir Narang, Managing Director at Fidelity investment arm will join the board of CredR. He said, CredR is one of the fastest growing start-ups in the segment and is looking to fundamentally disrupt the process of buying and selling used vehicles. The used vehicles marketplace represents a large opportunity globally, and CredR is well positioned to emerge as the leader in this space. We have been thoroughly impressed by the quality of CredR platform and its stellar management team.
CredR provides a one-stop solution for the sale and purchase of pre-owned bikes, using its proprietary rating algorithm to provide high quality vehicles at the best prices. CredR seeks to improve the overall used vehicle transaction process, to benefit the entire ecosystem. Its rich analytics and vehicle rating features help buyers and sellers realize the best prices, minimize friction, and expedite transactions.
CredR was incepted in 2014 by Nikhil Jain, Nittin Mittal and Sumit Chhazed, Graduates from IIT Bombay. CredR is an online platform for buying and selling of pre-owned automobiles with easy clicks. It has been launched with a vision of providing the Ultimate User Experience;. It connects buyers and sellers to ensure genuine, transparent and convenient transactions. CredRs offerings are designed keeping in mind the existing needs as well as the growing needs of the customers. The innovative strategy is that the service is rapid, convenient and importantly reliable.