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Used two-wheeler marketplace CredR gets fresh capital
Photo Credit: VCCircle

Refurbished two-wheeler reseller CredR has raised fresh capital just months after it resorted to venture debt funding.

The Mumbai-based startup raised Rs 7.35 crore ($1 million) from existing venture capital investor Eight Roads Ventures and ON Mauritius, news portal Inc42 first reported citing regulatory filings.

An email sent to CredR and Eight Roads seeking comments on the fundraise did not elicit a response till the time of filing this article. The antecedents of ON Mauritius could not be ascertained.

Earlier in April, CredR had raised venture debt funding from Stride Ventures. Eight Roads Ventures, GrowthStory and AngelList had also participated in the funding round then.

Prior to the venture debt round, CredR had raised Rs 38 crore in a funding round led by impact investor Omidyar Network India in December last year.

It had raised seed funding from a set of angel investors including serial entrepreneur K Ganesh, Snapdeal co-founders Kunal Bahl and Rohit Bansal and Amit Agarwal of Amazon in 2015.

The same year in September, it had raised $15 million in Series A round of funding from Eight Roads Ventures.

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 IIT-Bombay.

The company says it is focused on creating a niche in the unorganised used motorcycles’ segment, and that it seeks to address pain 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 formalized system for used motorcycles dealers and auto original equipment manufacturers.

Customers can choose the vehicles they want to buy on their website, and complete their transaction through one of the company’s showrooms.

The broader used-vehicle space came into the limelight in August this year when pre-owned cars platform Spinny acquired smaller rival Truebil.

In March, Spinny had raised $43.7 million in its Series B funding led by Fundamentum Partnership.

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