Bangalore–based Incredible Technologies Limited, which owns and operates CredR, a consumer brand for used motorcycles, on Wednesday announced that it 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.
The funding will be used towards consolidating its market position, strengthening its technology platform and expanding customer offerings.
Founded in 2015, CredR has been focused on formalising the unorganised and fragmented used two-wheeler market, with over 1,00,000 dealers, across India.
Speaking about the company’s goal for the future, Sasidhar Nandigam, Co-founder, CredR said,
“Our partnership with Yamaha Motors validates our shared vision to provide customers the best option to buy / sell used two-wheelers. They are a name to be reckoned with in the global mobility sphere. The funds raised in this round would help us to go deeper into existing markets and provide world class customer experience empowered with technology.”
Elaborating further on CredR’s fundraise, Nandigam added,
“We are excited to partner with Yamaha Motors in our journey to build India’s first used two-wheeler consumer brand. Yamaha Motors’ comprehensive understanding and experience in the two-wheeler mobility segment aligns with our first-to-market business model. The pandemic has catalysed the already existing demand for affordable private mobility in India, and these funds will allow us to scale rapidly and fulfil this demand.”
Commenting on this investment, Hajime Aota, Senior General Manager of New Venture Business Development & R&D Strategy Section, Technical Research & Development Center of Yamaha Motor Co., Ltd., said, “India is one of the biggest mobility markets in the world and the personal freedom that motorcycles and scooters bring, is a huge and lasting benefit for this country’s people, regardless of whether they are new or used. CredR’s clear vision behind its thriving used two-wheeler business resonated with us, and we decided to invest in the company to help their business scale bigger, which will subsequently lead to a higher quality of life for India’s people.”
“We first invested in CredR in 2019 and are doubling down because we continue to believe that two-wheelers are the choice of transportation as much in the top 30 cities in India as the rest of the country. The pandemic has accelerated the need for affordable private ownership especially among the Next Half Billion. We find CredR’s customer-centric technology first mindset applied to their O2O (online to offline) model to be a massive advantage that can go a long way in enhancing trust for consumers,” said Aditya Misra, Principal, Omidyar Network India.
“The pandemic has caused a significant shift in consumer behaviour when it comes to mobility. Consumers today are considering owning their own vehicle to feel safer. The pre-owned two-wheeler market stands to benefit as consumers seek more economical options from organised players in the market. With their value-for-money options, contactless service and delivery and partnerships with credible OEMs, CredR is well positioned to revolutionise the pre-owned two-wheeler market in India,” added Kavish Kothari, Principal, Eight Roads Ventures.