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Bengaluru-based Incredible Technologies Private Ltd (CredR) has raised Rs 48.1 crore ($6.5 million) in its latest round led by Yamaha Motors, and existing investors Omidyar Network India and Eight Roads Ventures, with participation from automotive focused Astarc Ventures.
CredR,a used two-wheeler consumer brand, has a chain of showrooms in Maharashtra, Karnataka, Delhi, NCR and Rajasthan, it said in a statement.
The funding will be used towards consolidating its market position, strengthening its technology platform and expanding customer offerings, it said.
Founded in 2015, CredR has over 1,00,000 dealers in the country.
Even though India’s used two-wheeler market accounts for over 30 million annualised units, challenges around standardisation of pricing, strong quality inspection and customer experience, and most notably post-sales support, persist, the statement said.
“CredR’s mission is to solve the existing trust deficit in the category through their full-stack vertically- integrated business model empowered with technology,” it was stated.
Primary source: Press Trust of India
Secondary source: Moneycontrol
