CredR is planning to open 50 CredR franchise showrooms offering used two-wheelers in FY 2021-22 and over 100 Showrooms by 2023.
View PhotosCredR will invest $ 15 million in India in the next fiscal year.
CredR, a Bengaluru based start-up in the used two-wheeler space, has announced that it will invest $ 15 million (around ₹ 110 Crore) in the upcoming financial year. The company is planning to open 50 CredR franchise showrooms offering used two-wheelers in FY 2021-22 and over 100 Showrooms by 2023. CredR already has a network of showrooms across seven cities including Delhi-NCR, Jaipur, Bhilwara, Chittorgarh, Sikar, Pune, Bangalore and is further looking to expand in more cities. The company is also offering a six month engine and gearbox warranty as well as a no-questions-asked seven day buy protect plan where any mechanical issue will be fixed by the company without any enquiry.
CredR is planning to expand to over 100 Showrooms by 2023.
Sasidhar Nandigam, Chief Strategy Officer- CredR said, “There is a 400 per cent surge in demand for used two-wheelers as this pandemic has reinforced the need for a personal vehicle. In FY20, there were 1.3 used two-wheeler transactions for every new two-wheeler transaction. We see this number going well above 1.7 times in the current year as people prefer personal mobility at a lower cost. Our Gold Standard used two-wheelers are aimed at providing economical, value-driven personal mobility solutions to people in the most transparent and hassle free manner.”
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All models undergo a thorough evaluation process with checks on over 120 quality checkpoints where ownership, challan history, odometer reading, accidental history, age of the two-wheeler along with general condition of the two-wheeler is taken care of. As far as investors are concerned, the company is backed by marquee blue-chip funds such as Stride Ventures, Eight Road Ventures (Fidelity’s proprietary investment arm), Omidyar Network India, AngelList, K Ganesh (GrowthStory) and presently in the process of raising another round.
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