IBEF: December 06, 2019
Mumbai-based Incredible Technologies Private Limited ("Credr"), has raised Rs 38 crore (around US$ 6 million) from Omidyar Network India along with existing investors.
CredR is one of the country's largest used motorcycles consumer brand that integrates online and offline user buying experience through a chain of 50 plus CredR franchisee showrooms across six cities - Pune, Bengaluru, Delhi NCR, Jaipur, Kota and Hyderabad.
Earlier, the company has raised funds from Eight Roads Ventures, AngelList, GrowthStory, Angel investors and venture debt from Blacksoil capital. The company has raised around Rs 130 crore (US$ 18.60 million) till date including the latest round.
"Our partnership with Omidyar Network India validates our shared vision to provide customer the best option to buy/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" said Mr Nikhil Jain, founder and CEO, CredR.
The company also offers a formal platform for thousands of auto original equipment manufacturer (OEM) stores and used motorcycle dealers where customers can either choose motorcycles on the website and then complete the transaction by buying them from the nearest CredR showroom or can directly walk into these showrooms and buy the vehicles. Over 130,000 customers have purchased the refurbished motorcycles.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.