Used vehicles marketplace, CredR has raised an amount of $15M in Series A round of funding from Fidelity’s proprietary investment arm, Eight Roads Ventures.
Raised funds will be used to scale up its product engineering & marketing and further to build its market product platform across 20 Indian cities. As per the deal Kabir Narang, Managing Director at Fidelity’s investment arm will join the board of CredR.
The company raised seed funding earlier this year from investors including K. Ganesh, Kunal Bahl & Rohit Bansal of Snapdeal, and Amit Agarwal of Amazon.
Founded in 2014 by Nikhil Jain, Nittin Mittal and Sumit Chhazed, Mumbai-based CredR is an online platform for buying and selling verified, pre-owned two-wheeler vehicles at a fair value. It connects buyers and sellers to ensure transparent and convenient transactions. CredR stands for Credible Resale.
“We are focusing on the large used vehicle market with an estimated value of $10 billion. The market is ripe for technology-led disruption that CredR aims to bring in the process of buying and selling pre-owned vehicles,” says Nikhil Jain, Co-Founder of CredR.
Some of its competitors are CarDekho, CarTrade, TrueCar, Gaadi.com and many others. They have a similar business model of re-sale of used vehicles.