CredR one of India’s leading, most trusted online marketplace for listing and purchasing verified, pre-owned vehicles is expanding its presence to the city of Nawabs – Hyderabad. The company recently received a $15M Series A round funding by Fidelity’s proprietary investment arm, Eight Roads Ventures and plans to scale up its product engineering & marketing and further build its market leading product platform, across 20 Indian cities.
After establishing its presence in markets across Mumbai, Pune, Bengaluru and Delhi, CredR is now making its full-scale entry in the ‘City of Nawabs’. Hyderabad is one of the biggest markets for CredR with over 70 used bike entrepreneurs on board. The attractive market size of pre-owned vehicles in Hyderabad in terms of volume is approximately 15000 vehicles monthly and about 1.8 lakh vehicles annually.
In its roadmap in Hyderabad, CredR aims to onboard 100+ used bike entrepreneurs. Through this network that CredR plans to establish, coupled with its stringent bike inspection parameters, it plans to ensure that only the best bikes are available to its buyers. “CredR will assist its partners in Hyderabad to generate high quality bike supply, up their sales and expand their reach,” said Mr. Nikhil Jain, Co-founder CredR.
“We will kickstart operations in Hyderabad this month with a lean team, targeting 300 bike sales in our first month. We are confident about our unique propositions such as 6 Months Warranty, Roadside Assistance and Paper Transfer Assistance,” states Aniket Harsh, CredR Launch Head for Hyderabad.
Commenting on the launch Mr. Sumit Chhazed, Co-Founder, CredR said, “We were constantly receiving enquiries on our social media pages from genuine bike seekers in Hyderabad. Interestingly we made our first bike sale even before we officially launched in this market.” The founder further claims, “We are overwhelmed with the phenomenal response received from our patrons, across markets. We are optimistic about Hyderabad as a market for pre-owned vehicles and are looking forward to enhancing the overall experience of buyers and sellers with our exclusive services.”
After its roaring success in Bengaluru, CredR is aggressively looking at strengthening its hold in Southern India, in the coming months. The company will also be extending its product offerings with Super bikes and Luxury Cars soon.
Established by three young IITians, CredR provides a one-stop solution for the sale and purchase of pre-owned bikes, using its proprietary rating algorithm to provide high quality vehicles at the best prices. CredR seeks to improve the overall used vehicle transaction process, to benefit the entire ecosystem. Its rich analytics and vehicle rating features help buyers and sellers realize the best prices, minimise friction, and expedite transactions. It also provides add-on services such as free six months warranty and free 1-year roadside assistance. All bikes listed on CredR are expert approved. Due to its full-value offerings and unmatched services, CredR has already closed 7500+ bike transactions on its platform.
CredR was incepted in 2014 by Nikhil Jain, Nittin Mittal and Sumit Chhazed, Graduates from IIT Bombay. CredR is an online platform for buying and selling of pre-owned automobiles with easy clicks. It has been launched with a vision of providing the ‘Ultimate User Experience’. It connects buyers and sellers to ensure genuine, transparent and convenient transactions. CredR's offerings are designed keeping in mind the existing needs as well as the growing needs of the customers. The innovative strategy is that the service is rapid, convenient and importantly reliable.