Bengaluru-based Incredible Technologies Private Ltd (CredR) has raised Rs 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.
Founded in 2015, CredR has been focused on formalising the unorganised and fragmented used two-wheeler market, has a chain of showrooms in Maharashtra, Karnataka, Delhi, NCR and Rajasthan, it said in a statement.
The funding will be used towards consolidating its market position, strengthening its technology platform and expanding customer offerings, it said.
Speaking about the company’s goal for the future, Sasidhar Nandigam, Co-founder, CredR said, “The funds raised in this round would help us to go deeper into existing markets and provide world class customer experience empowered with technology.”
Elaborating further on CredR’s fundraise, Nandigam said, “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.”
Aditya Misra, Principal, Omidyar Network India, said, “We first invested in CredR in 2019 and are doubling down because we continue to believe that two-wheelers are the choice of transportation as much in the top 30 cities in India as the rest of the country. The pandemic has accelerated the need for affordable private ownership especially among the Next Half Billion. We find CredR’s customer-centric technology first mindset applied to their O2O (online to offline) model to be a massive advantage that can go a long way in enhancing trust for consumers.”
Kavish Kothari, Principal, Eight Roads Ventures, said, “The pre-owned two-wheeler market stands to benefit as consumers seek more economical options from organised players in the market. With their value-for-money options, contactless service and delivery and partnerships with credible OEMs, CredR is well positioned to revolutionise the pre-owned two-wheeler market in India.”
Due to the economic situation created by the pandemic, consumers looking for vehicles are increasingly inclined to purchasing personal two-wheelers. CredR will look to use these tailwinds and its latest funding round to expand its business, invest in technology and leverage the fast growing market for used two-wheelers.