CredR, a pioneer in online marketplace for listing and purchasing verified, pre-owned vehicles at the fairest value, has raised its first institutional funding of Rs 99.48 crore ($15 million) from Eight Road Ventures, the proprietary investment arm of Fidelity International Ltd.
The money will be utilied to scale up its product engineering & marketing and further build its market leading product platform across 20 Indian cities, said the company.CredR was incepted in 2014 by Nikhil Jain, Nittin Mittal and Sumit Chhazed, Graduates from IIT Bombay. CredR, which raised seed funding earlier this year from leading investors including K Ganesh, Kunal Bahl & Rohit Bansal of Snapdeal, and Amit Agarwal of Amazon, has seen multi-fold month-over-month transaction growth.
“We are focusing on the large used vehicle market with an estimated value of $10 billion. The market is ripe for technology-led disruption that CredR aims to bring in the process of buying and selling pre-owned vehicles,” said Nikhil Jain, Co-Founder of CredR.
“With Fidelity coming onboard, our growth plans have just been put into top gear.” says Sumit Chhazed, Co-Founder of CredR.
Following the close of this round of financing, Kabir Narang, Managing Director at Fidelity’s investment arm will join the board of CredR. He said, “CredR is one of the fastest growing start-ups in the segment and is looking to fundamentally disrupt the process of buying and selling used vehicles. The used vehicles marketplace represents a large opportunity globally, and CredR is well positioned to emerge as the leader in this space. We have been thoroughly impressed by the quality of CredR’s platform and its stellar management team.”
CredR provides a one-stop solution for the sale and purchase of pre-owned bikes, using its proprietary rating algorithm to provide quality vehicles at the best prices.