Credr, a marketplace for used bikes, has secured $6 million (approx INR 38 crore) in an investment round from Omidyar Network, Eight Roads Ventures, GrowthStory and AngelList, cited Inc42.
The Mumbai-based startup Credr will use the infused financials to further expand horizontally in the used bikes ecommerce space in Pune, Bengaluru, Delhi NCR, Jaipur, Kota and Hyderabad. Also, the source revealed that the company will invest the funds in expanding its technology and product teams.
Credr was founded by Nikhil Jain, Sumit Chhazed and Nittin Mittal in 2014. The platform Credr, as per its LinkedIn page, focusses on creating a niche solution in the used bike segment which is highly unorganised and fragmented through a mix of online and offline approach.
According to its company decription, customers planning to buy used bikes can either select them on the website and then complete the transaction by purchasing them from the nearest Credr showroom or they can walk into these showrooms and buy the vehicles without using the website.
Credr, which has a chain of over 50 franchisee showrooms, also provides a formalised platform to over 10,000 auto original equipment manufacturer stores and used motorcycles dealers.
Using its proprietary technology and full-stack vertically integrated business model, Credr claims to be working to improve the overall customer experience.
The startup claims that over 130K customers have purchased used bikes from its platforms since its launch in 2014. In addition to selling used bikes on its platforms, Credr also provides post-sales services to its customers.
Furthermore, as per the statistics, bike sales in India reached an all-time high in 2019, selling around 21 million units. This figure is almost double the 2011 sales when just 11.77 Mn bikes were sold in the country.
Besides Credr, other players under the similar roof include Droom, BikeDekho, Bike4Sale, Olx, among others.