The used bikes marketplace, CredR (1), has received 7.35 Crore INR each from Eight Roads Investments and ON Mauritius. Earlier in 2015, the startup had secured 109 crore INR in its Series A funding round.
Nikhil Jain, Nittin Mittal, and Sumit Chhazed founded CredR in 2015. It is a marketplace for second-hand scooters and bikes. According to the sources, the company has allotted 20,083 Series A5 CCPS, Compulsorily Convertible Preference Shared at the value of 10 INR per share to its investors. Moreover, the minimum amount premium is standing at 3,650 INR per share. The company shared the shares aggregating to a total amount of 7.35 Crore INR to both Eight Roads Investments Mauritius II Limited and ON Mauritius.
Eight Road Ventures, a London-based venture capital firm, runs the Eight Roads Investments. Notably, it was the previous investor of CredR. It invested 15 million USD, or 109 Crore INR in Series A funding round in 2015.
CredR Aims to Create Solutions for Unorganized Used Bike Segment
The company directs on creating solutions for the used bike segment, which is highly unorganized and fragmented. It is taking a mix of online and offline approaches.
Customers can either select the used bikes they wish to purchase on the CredR website and complete the purchase on the nearest showrooms. They can also directly walk into the showrooms and buy the vehicles without using the online portal.
Furthermore, the company has a chain of more than 50 franchisees that offers a formalized platform for over 10,000 auto original parts stores and used motorcycles dealers. The company claims that it is improving the overall customer experience with its proprietary technology and full-stack business model.
CredR conducted its last funding round in April 2020, led by Stride Ventures. In December 2019, the firm had raised 6 million USD or 38 crores INR from Omidyar Network. Its existing investors, including GrowthStory, Eight Roads Ventures, and AngelList, had also participated in the fundraising.