Total amount raised
$31.4 Millions
Latest funding date
11/01/2022
Location
CredR has successfully raised ₹161,700,000 in debt financing from Yamaha Motor in its most recent funding round. The platform is dedicated to formalizing the unorganized and fragmented used two-wheeler market in India.
Keep reading to explore the intricacies of CredR's fundraising journey and the investors backing this innovative platform.
What Is CredR?
CredR, founded in 2014 in Mumbai, Maharashtra, India, is a platform dedicated to formalizing the unorganized and fragmented used two-wheeler market in India. The company operates a marketplace for buying and selling verified and certified used bikes, offering services such as showrooms, a 7-day buy protect policy, and doorstep bike service.
CredR was founded by Nikhil Jain, Nittin Mittal, Sasidhar Nandigam, and Sumit Chhazed. The company has grown significantly since its inception and currently employs between 251-500 people.
With a mission to provide hassle-free transactions, including RC transfers and warranties, CredR ensures a seamless experience for customers looking to buy, sell, or exchange used bikes and scooters.
How Much Funding Has CredR Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: February 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the business operations and establish a market presence.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand initial operations.
- Series A
- Amount Raised: $15M
- Date: September 2015
- Lead Investors: Eight Roads Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance technological capabilities.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and business growth.
- Series B
- Amount Raised: $6M
- Date: December 2019
- Lead Investors: Omidyar Network India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve service offerings.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: April 2020
- Lead Investors: Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To sustain operations during the COVID-19 pandemic.
- Venture Round
- Amount Raised: ₹147M
- Date: October 2020
- Lead Investors: Eight Roads Ventures, On Mauritius
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the customer base.
- Venture Round
- Amount Raised: ₹481M
- Date: June 2021
- Lead Investors: Yamaha Motor Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological infrastructure and expand market presence.
- Debt Financing
- Amount Raised: ₹161.7M
- Date: November 2022
- Lead Investors: Yamaha Motor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support expansion plans and open new showrooms.
Total Amount Raised: $23M + ₹789.7M
Current Valuation: Not publicly disclosed
Key Investors
- Yamaha Motor
- Details: Yamaha Motor is a Tokyo-based automobile giant involved in manufacturing motorcycles, marine products, and other motorized products. They have a significant presence in the global automotive market.
- Investment Focus Areas: Automotive, Motorcycles, Marine products, Power products
- Notable Investments: Drivezy, Gogoro, Grab
- Omidyar Network India
- Details: Omidyar Network India is a philanthropic investment firm established by eBay founder Pierre Omidyar. The firm focuses on social impact investments across various sectors.
- Investment Focus Areas: Education, Financial inclusion, Governance
- Notable Investments: 1mg, Aspiring Minds, Dailyhunt
- Eight Roads Ventures
- Details: Eight Roads Ventures is a global venture capital firm that invests in high-growth technology and healthcare companies. They have a strong track record of supporting innovative startups.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Iora Health, Made.com, Neo4j
- AngelList India
- Details: AngelList India is a platform that connects startups with investors, providing funding and resources to early-stage companies. They have a broad network of angel investors and venture capitalists.
- Investment Focus Areas: Technology, E-commerce, Marketplaces
- Notable Investments: Dunzo, BharatPe, MyGate
- Stride Ventures
- Details: Stride Ventures is a venture debt firm that provides flexible financing solutions to startups. They focus on supporting high-growth companies with tailored debt products.
- Investment Focus Areas: Technology, Consumer, Healthcare
- Notable Investments: Sugar Cosmetics, MobiKwik, Infra.Market
What's Next for CredR?
CredR is poised for significant growth as it plans to invest $15 million to expand its footprint by opening 50 new showrooms by FY23. This expansion leverages a franchise model, offering a substantial opportunity to capture a larger market share in the used two-wheeler segment.
Future fundraising efforts are likely, given the company's aggressive expansion plans and the competitive landscape. CredR may seek additional equity or debt financing to support its growth initiatives and technological advancements.
However, challenges such as financial performance issues and intense competition from well-funded players could pose hurdles. Navigating these challenges will be crucial for CredR's sustained success in the evolving market.
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