Bangalore-based Incredible Technologies Private Limited (CredR), has raised Rs. 48.1 crore 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. CredR is one of India’s largest used two-wheeler consumer brand that creates a single channel buying experience through a chain of flagship showrooms across Maharashtra, Karnataka, Delhi, NCR and Rajasthan. The funding will be used towards consolidating its market position, strengthening its technology platform and expanding customer offerings.
Speaking about the company’s goal for the future, Sasidhar Nandigam, Co-founder, CredR said, “Our partnership with Yamaha Motors validates our shared vision to provide customers the best option to buy / sell used two-wheelers. They are a name to be reckoned with in the global mobility sphere. The funds raised in this round would help us to go deeper into existing markets and provide world class customer experience empowered with technology. We are excited to partner with Yamaha Motors in our journey to build India’s first used two-wheeler consumer brand. Yamaha Motors’ comprehensive understanding and experience in the two-wheeler mobility segment aligns with our first-to-market business model. 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.
Founded in 2015, CredR has been focused on formalising the unorganised and fragmented used two-wheeler market, with over one lakh dealers, across India. CredR has been able to help over 300,000 Indians own a used two-wheeler of their choice since its launch. On its online platform, customers can discover and book a used two-wheeler of their choice. They can then complete the test ride and the final transaction by visiting their nearest CredR Showroom. CredR also offers home test rides and contactless home deliveries of their used two-wheelers.
News source- Carandbike