CredR's existing investors GrowthStory, AngelList, and Eight Roads Ventures also participated in the funding round. With these new funds the company intends to upgrade its customer experience.
Nikhil Jain, the Founder and CEO of CredR, stated, "Our partnership with Omidyar Network India validates our shared vision to provide customer the best option to buy or sell used motorcycles. The funds raised in this round would help us to go deeper in the existing markets and to provide world-class customer experience using technology by expanding our tech and product teams.”
Siddharth Nautiyal, Investment Partner, Omidyar Network India said, “Two-wheelers are the choice of transportation as much in the top 30 cities in India as the rest of the country. CredR is tapping into an exciting space that combines tech-led solutions with real-world platforms. We believe this convergence of online and offline is key to enhancing consumer trust in the next half billion.”
CredR uses both online and offline platforms to offer consumers retail experiences through the company's chain for over 50 franchise showrooms throughout India including Delhi, Jaipur, Kota, Pune, Bengaluru, and Hyderbad.
The company develops a simpler process for consumers to purchase used motorcycles. By utilizing its own technology and a full-stack vertical integrated business model, CredR is hoping to change the entire retail experience.
When using the platform consumers can choose the motorcycle and then visit the closest CredR showroom to finish the purchase or visit the showroom and pick and purchase the motorcycle they want.
Currently the company claims to have sold refurbished motorcycles to over 130,000 consumers.
CredR raised $15 million during a Series A funding round that included participation from Eight Roads Venture, AngelList, GrowthStory, Blacksoil Capital, and angel investors.
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