CredR, an omni-channel platform for buying and selling used two-wheelers, on Tuesday said it plans to invest $15 million (around Rs 110 crore) in the upcoming financial year to expand operations across the country.
With this investment, the company plans to open 50 franchise showrooms, offering used two-wheelers in 2021-22 and over 100 showrooms by 2023, the Bengaluru-based firm said in a statement.
CredR already has a network of showrooms across seven cities — Delhi NCR, Jaipur, Bhilwara, Chittorgarh, Sikar, Pune, and Bengaluru, and is looking to expand to more cities in the coming months.
“There is a 400 percent surge in demand for used two-wheelers as this pandemic has reinforced the need for a personal vehicle. In FY 2020, there were 1.3 used two-wheeler transactions for every new two-wheeler transaction. We see this number going well above 1.7 times in the current year as people prefer personal mobility at a lower cost,” CredR Chief Strategy Officer Sasidhar Nandigam said.
The company’s used two-wheelers are aimed at providing economical, value-driven personal mobility solutions to people in the most transparent and hassle-free manner, he added.
Founded in 2015, CredR is backed by funds such as Stride Ventures, Eight Road Ventures (Fidelity’s proprietary investment arm), Omidyar Network India, AngelList, K Ganesh, and (GrowthStory).
In July 2020, electric two-wheeler startup Ather Energy had joined hands with CredR for a vehicle exchange programme.
Under the partnership, consumers can exchange any old two-wheeler with a brand new electric scooter of Ather. CredR will offer instant price quotes for old petrol two-wheelers, which will be used to reduce the upfront cost of upgrading to Ather’s scooters, a statement said.
“This exchange programme makes the entire process more seamless for owners and reduces the stress of personally trying to sell their vehicles,” Ather Energy Chief Business Officer Ravneet Singh Phokela said.
(Disclaimer: Additional background information has been added to this PTI copy for context)