CredR, an online marketplace for used two-wheelers has raised $6.5 million in a funding round led by Yamaha Motors. Existing investors including our India Ventures team, Omidyar Network India and Astarc Ventures also participated in the round.
Founded in 2015, CredR is an online marketplace for two-wheelers that has a chain of showrooms in Maharashtra, Karnataka, Delhi NCR and Rajasthan. It has over 100,000 dealers in the country. On the online platform, customers can discover and book a used two-wheeler of their choice. The purchase is made at the showroom after a test ride.
The company will use the fresh funds to consolidate its market position, strengthen its tech platform and expand customer offerings.
CredR has helped over 300,000 Indians own a used two-wheeler of their choice since its launch. It has been focused on formalising the unorganised and fragmented used two-wheeler market, with over 100,000 dealers. Even though India's used two-wheeler market accounts for over 30 million annualised units, challenges around standardisation of pricing, strong quality inspection, customer experience and, most notably, post-sales support persist.
CredR's mission is to solve the existing trust deficit in the category through their full-stack vertically integrated business model empowered by technology.