After having received an amount of $15M in a Series A round funding by Fidelity’s proprietary investment arm and Eight Roads Ventures. Mumbai-based CredR, the used vehicles marketplace is now setting its foot into Hyderabad city.
With its last round of funding, the CredR team expressed its intentions to scale up its marketing and product engineering efforts also to expand its presence to 20 cities across the country.
Born out of a personal experience, CredR was started by IIT Mumbai and Stanford alumni Sumit Chhazed, Nikhil Jain, Nittin Mittal, and Shiv Agarwal.
Having its presence in markets across Mumbai, Pune, Bengaluru and Delhi, CredR is now making its full-scale entry in Hyderabad.
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.
The company plans to team up with around 100+ used cars entrepreneurs and launch its operations in Hyderabad with full throttle, while maintaining the quality and trust in its business.
Mr. Nikhil Jain, Co-founder CredR, said –
CredR will assist its partners in Hyderabad to generate high quality bike supply, up their sales and expand their reach.
The space for used vehicles is believed to be 1.3 times more than the new cars market. The market for used vehicles is believed to grow at 20 per cent by 2017.
Aniket Harsh, CredR Launch Head for Hyderabad, said –
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.
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.