CredR, used two-wheeler platform, to invest $15 mn; to expand biz in FY 2022-23
Used two-wheeler buying and selling platform CredR on Wednesday said it will invest $15 million (around Rs 110 crore) in 2022-23 to expand its business.
The Bengaluru-based firm plans to open 50 CredR showrooms for used two-wheelers in FY22-23 and over 100 showrooms by 2024, CredR said in a statement.
Commenting on the company's plans, CredR CEO & Co-founder Sasidhar Nandigam said, ''The pandemic was an unexpected boon to our business. The break in business allowed us to reposition and strategically plan the next few stages of our growth trajectory.''
He further said, ''The post-COVID-19 response has been so massive that we have decided to go all out with our expansion plans, keeping profitability and customer satisfaction as paramount objectives.''
The way forward is to keep building supply entryways into various cities, with refurbishment and showroom setups to follow, Nandigam said.
CredR has already expanded operations in new markets -- Ahmedabad, Rajkot, Vadodara, Gurgaon and Faridabad to add to its initial six markets of Bangalore, Pune, Jaipur, Bhilwara, Chittorgarh and Delhi.
''The target is to be present in the top 12 two-wheeler markets in India. The markets will be a mix of urban, tier 2 and tier 3 towns,'' the company said, adding it aims to achieve over 30,000 transactions in 2022.
In 2021, CredR said it saw a 200 per cent rise in used two-wheelers transactions, with revenue bouncing back to pre-COVID-19 levels by mid 2021 itself.
The platform offers a wide range of bikes and scooters to choose from based on users' preferred budget, city and kilometres run. CredR also gives a 6-month warranty and 7-day buy protection for those wishing to buy a bike.
(With inputs from PTI)
Published on: Wednesday, January 19, 2022, 10:57 AM ISTRECENT STORIES
-
Maharashtra Lok Sabha Elections 2024: Naseem Khan Agrees To Campaign For All MVA Candidates -
Mumbai: Shiv Sena (UBT) Workers Clash Over Election Campaigning Restrictions At Housing Society In... -
'Consent Of Pregnant Person For Abortion Paramount,' Says Supreme Court -
2015 Malvani Hooch Tragedy: Sessions Court To Pronounce Sentencing Likely On May 14 -
MP CM Mohan Yadav Among Hundreds Take Part In Last Rites Of IAF Corporal