India’s pre-owned bike platform CredR raises $15m from Eight Roads Ventures

Incredible Technologies had raised an undisclosed sum from Growthstory in June. Visual sourced from CredR website.

Incredible Technologies Pvt. Ltd, which owns online marketplace for used two-wheelers CredR, has raised $15 million from Eight Roads Ventures, earlier known as Fidelity Growth Partners.

The venture, launched by three Indian Institute of Technology, Bombay, alumni in November, raised an undisclosed sum from Growthstory, the family office of K. Ganesh and his wife Meena Ganesh, both entrepreneurs, in June.

Other early investors in the company include Snapdeal co-founders Kunal Bahl and Rohit Bansal and Amazon India head Amit Agarwal. Kabir Narang, managing director at Eight Roads Ventures, will join the company’s board, CredR said in a statement on Friday.

The company initiated talks with investors to raise $15 million, Mint reported on 23 June.

Launched in Mumbai, CredR has expanded its operations to Delhi, Bengaluru and Pune. The fresh funds will be deployed to expand to 20 cities in the coming months, besides strengthening its technology backbone and marketing.

“While buyers get a seamless experience similar to a new vehicle purchase, complete with expert-tested bikes and unmatched service, sellers have the assurance of getting a fair price for their prized two-wheelers. With Fidelity coming onboard, our growth plans have just been put into top gear,” said Sumit Chhazed, co-founder of CredR.

The company claims to have more than 2,000 vehicles on its platform and over 5,000 customers.

According to industry estimates, the pre-owned two-wheeler sector was pegged at $8-12 billion in the last fiscal year.

The used two wheeler market in India is dominated by online classified portals such as Quikr, which has so far raised about $345 million, and OLX, which is backed by South African multi-national mass media corporation Naspers.

OLX and Quikr are platforms connecting buyers with sellers and do not partake in price determination or the actual transaction. Besides, they list products across multiple categories unlike companies such as CredR or reverse commerce companies such as ReGlobe, Budli and YNew, which are focused on used electronic gadgets.

A number of online automobile classified portals such as CarTrade, CarDekho and Carwale, which deal in used four-wheelers, have attracted investor interest of late. CarTrade and CarDekho have received $30 million and $50 million, respectively, of investment since October. CarDekho also secured an investment from Ratan Tata, chairman emeritus of Tata Sons Ltd.

This article was first published on Livemint.com

Also Read: Fidelity arm infuses $8.5 mn in Shadowfax

Rahul Yadav raising $15m from Paytm, Flipkart, Micromax founders

Indian e-commerce major Snapdeal to invest $100m in Shopo

 

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.