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CredR To Invest $15 Million In Used 2W Business In FY 21-22
CredR, aims to simplify the entire process of transacting in used two-wheelers, by offering industry’s-first-in-class products/ services for building trust in a segment which is highly unorganized and fragmented.
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Bangalore-based used two-wheeler consumer brand, CredR has firmed up plans to invest $15 million (approx. Rs 110 crore) in its used two-wheeler business in the ongoing financial year.
With this investment, the company plans to open 50 CredR franchise showrooms offering Gold Standard used two-wheelers in FY 21-22 and over 100 Showrooms by 2023.
These Gold Standard stores will ensure similar user experience one gets while visiting a showroom for buying a new two-wheeler. CredR already has a wide network of showrooms across 7 cities namely Delhi NCR, Jaipur, Bhilwara, Chittorgarh, Sikar, Pune, Bangalore and is looking to expand to more cities in the coming months.
Sasidhar Nandigam, Chief Strategy Officer, CredR said, “There is a 400% surge in demand for used two-wheelers as this pandemic has reinforced the need for a personal vehicle. In FY20, 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. Our Gold Standard used two-wheelers are aimed at providing economical, value-driven personal mobility solutions to people in the most transparent and hassle free manner.”
All used two-wheelers sold from CredR Showrooms will be defacto Gold Standard and come with a 6 month engine and gearbox warranty as well as a no-questions-asked 7 Day Buy Protect. The 7 Days Buy Protect post purchase of the used two-wheeler is an industry first where if the two-wheeler develops any issues related to mechanical or electrical functioning, CredR will get the issues rectified totally free of cost for the customer. Gold Standard two-wheelers undergo a thorough evaluation process with checks on 120+ quality checkpoints, ownership, challan history, odometer reading, accidental history, age of the two-wheeler along with general condition of the two-wheeler. All two-wheelers in the CredR journey are refurbished by experienced auto-experts. CredR two-wheelers also come with additional benefits such as Assured Buyback in 12 months and contactless doorstep delivery.
Gold Standard showrooms will also provide on the spot insurance service along with RC transfer assistance under one roof. Moreover, the evaluation report of every Gold Standard used two-wheeler is transparently available on the CredR website and any customer can see it before buying.
“Overall, since Unlock 1.0, we have already touched a 100% of our pre-covid numbers and we expect the used two-wheeler business to grow 3-4X by the end of this fiscal year”, concluded Mr. Nandigam.
CredR is India’s most trusted and only omni-channel consumer brand for buying and selling used two-wheelers. Founded in 2015, CredR, aims to simplify the entire process of transacting in used two-wheelers, by offering industry’s-first-in-class products/ services for building trust in a segment which is highly unorganized and fragmented. Using its proprietary technology and full-stack vertically integrated business model, CredR is revolutionizing the entire customer experience.
The company is backed by marquee blue-chip funds such as Stride Ventures, Eight Road Ventures (Fidelity's proprietary investment arm), Omidyar Network India, AngelList, K Ganesh (GrowthStory) and presently in the process of raising another round.