Mumbai-based refurbished two-wheeler reseller CredR has raised Rs 38 crore (approximately $5.31 million at current exchange rates) in a funding round led by impact investor Omidyar Network India.
Existing investors Eight Roads Ventures, GrowthStory, and AngelList also participated in the round, the company said in a statement on Thursday.
Nikhil Jain, founder and chief executive officer at CredR, said the firm will use the funds to strengthen its position in existing markets and expand its technological and product teams.
“Our partnership with Omidyar Network India validates our shared vision to provide customers the best option to buy/sell used motorcycles,” Jain said.
Separately, Omidyar investment partner Siddharth Nautiyal said the firm was confident in its investment because of CredR’s model of combining technological solutions with real-world platforms.
CredR, which is operated by Incredible Technologies Pvt. Ltd, was founded in 2014 by Nikhil Jain, Nitin Mittal, and Sumit Chhazed. All three founders are alumni of all IIT-Bombay alumni. In September 2015, it raised $15 million (Rs 100 crore) in Series A round of funding from Eight Roads Ventures.
The company says it is focused on creating a niche in the unorganised used motorcycles’ segment, and that it seeks to address paint points such as poor customer experience, poor vehicular quality, lack of standard pricing and non-existent after-sales service.
CredR says its platform provides a formalised system for used motorcycles dealers and auto original equipment manufacturers. Customers can choose the vehicles they want to buy on its website, and complete their transaction through one of the company’s showrooms.
The investment in CredR is the latest by the Omidyar Network, which makes equity investments in early-stage enterprises and provides grants to non-profits in sectors such as digital identity, education, emerging technologies, financial inclusion and property rights.
In October, it led a Rs 17.8 crore (around $2.5 million) seed funding round in Credenc Web Technologies Pvt. Ltd, an education loans platform. Venture capital firms Emphasis Ventures and Better Capital as well as IIM-Kozhikode Alumni Fund also participated in that investment.
According to Omidyar’s website, some of the other companies it has invested in include self-publishing platform Pratilipi, digital lending platform Shubh Loans, railway services and ticketing provider RailYatri and investment platform Scripbox.