India: Two-wheeler marketplace CredR secures debt funding from Stride Ventures

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Used two-wheeler marketplace CredR owned by Incredible Technologies Limited has secured an undisclosed round of debt funding from Stride Ventures.

Mumbai-based CredR is a consumer-facing marketplace that allows two-wheeler owners to connect with potential buyers. The fresh debt funding will be utilized by the company for financing the purchase of automobiles.

This is the second investment of Stride Ventures, a venture debt fund firm, in a startup after it closed its maiden venture debt fund worth ₹100 crore in December 2019. The investment firm aims to close another ₹400 crore even as it continues to deploy capital in startups.

Launched in 2014 by three alumni of Indian Institute of Technology, Bombay, CredR has raised around $20 million till date from investors such as Omidyar Network, Eight Roads Ventures, GrowthStory, AngelList and others.

The startup aims at resolving the most common conflicts that a buyer or seller of used automobiles may face using online tools. CredR operates on an asset-light online-to-offline distribution model that operates in around 45 offline locations in the country.

CredR retail showrooms are present across cities like Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad and operate using a franchise model. It also has exchange programs through a partnership with leading manufacturer showrooms of Hero, Honda, Suzuki, TVS, Yamaha, Bajaj, Harley Davidson, and Royal Enfield.

“We found excellent partner in Stride, whose deep connects in debt ecosystem and experience in asset financing segment will help us massively to scale our business. We specifically like their approach of thinking like an entrepreneur and not as conventional lender,” Nikhil Jain, co-founder, CredR said in a statement.

“India is the biggest two wheeler market in the world. CredR is tapping into a market with enormous potential by leveraging technology enabled solutions. More importantly, by ensuring transparency and affordability without compromising on quality, they are enhancing the trust of the consumers,” added Ishpreet Gandhi, managing partner, Stride Ventures.

This article was first published on livemint.com

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.