Last updated on October 7th, 2016 at 12:17 pm
How CredR is changing the pre-owned automobile industry?
CredR is a forerunner in online marketplace for listing and sale purchase of verified, pre-owned vehicles at the most appropriate price. The startup CredR came out from the paining point of the founders in buying a pre-owned bike. The platform connects buyers and sellers to ensure certified and convenient way of buying and selling of pre-owned bikes.
Why we chose CredR as startup of the week?
- All vehicles on the platform are verified and quality checked.
- Free Inspection of bikes on 80+ parameters.
- Test rides at the home of the buyer.
- 6-month warranty over the bike.
- 1-year roadside assistance for the bike.
- The startup receives more than 1000 requests in a day to buy/sell pre-owned automobiles.
- CredR’s website receives more than 4 lakh visitors every month.
- The company has a strong community base of 85,000+ fans.
- 15000+ Happy Costumers got 6 Months Free Warranty & 1 Year.
- Service is available in 8 cities – Mumbai, Bengaluru, Pune, Hyderabad, Delhi, Ghaziabad, Faridabad and Gurgaon.
Nittin Mittal and Sumit Chhazed were looking for a used bike after their college days. They looked every possible means to get a second hand bike, everywhere means everywhere- be it local dealer, online listings, friends, family, or neighbors but nothing could help them.
Finally their search came to an end and they found one. But unfortunately their happiness was short-lived. They started facing several issues with the bike after purchasing it. The bike started creating problems every now and then. This was the turning point for them and they thought of this pain point which might be faced by many people buying a second hand bike. That’s when they decided to create a simple platform for buyers and sellers of used vehicles and launched CredR in February 2015.
Growth and Revenue model
The company headquartered in Mumbai started its operation in Feb 2015 just after its launch. Now it has spread its operations to 8 cities – Mumbai, Bengaluru, Pune, Hyderabad, Delhi, Ghaziabad, Faridabad and Gurgaon. With the growth in geography, the company has also expanded its employee base from mere 6 to a massive 500+ across these 8 cities and is in way of further expansion. Each bike is inspected thoroughly on 80+ quality check points and is given 6 months warranty after sales and additional 1 year free roadside assistance. CredR has transacted more than 12000 bikes in the last 9 months through its website. On an average, each day 150 fresh used bikes are added in its inventory.
Their business is based on a transaction led model, earning depends on each and every transaction that takes place through their portal. Also with the increase in the number of buyers and sellers over the time, the inspection process at CredR is technologically competent with the introduction of the Inspector App. The company is targeting to expand to 20 more cities and get more funds.
Funding and expansion plans
The startup raised $15 million in Series A funding from Fidelity’s proprietary investment arm, Eight Roads Ventures. Earlier CredR had raised seed funding from K. Ganesh, Kunal Bahl and Rohit Bansal of Snapdeal, and Amit Agarwal of Amazon.
The firm started from Mumbai in February last year has reached to eight cities in India. The company has full plans to expand to 20 cities soon. One of the co-founder of the company stated, “Their initial focus was on getting their processes right. Now the process is all well set and they are now good to move ahead.