credr

Mumbai based Credr, an online marketplace for used bikes, has raised Series A funding worth $15 million from Eight Roads Ventures (previously known as Fidelity Growth Partners), reports Mint. Eight Roads’ Kabir Narang will join Credr’s board. Credr will use the funds to scale its product engineering, marketing and build its product platform for 20 Indian cities.

Credr had previously raised seed funding from angel investors such as K Ganesh, Snapdeal co-founders Kunal Bahl and Rohit Bansal and Amit Agarwal of Amazon in June. Founded by Nikhil Jain, Nittin Mittal and Sumit Chhazed in 2014, the company expanded its operations to Delhi, Bangalore and Pune after launching in Mumbai.

It has a proprietary rating algorithm which surfaces quality vehicles at reported best prices, connecting buyers and sellers for pre-owned bikes. It plans to come up with a dynamic pricing algorithm which will rata vehicles 1 to 5 based on criteria such as vehicle condition, seasonality and demand for fair pricing. It claims to sell over 100 bikes every day, up from selling 4 bikes every week at launch. It also claims to have over 2,000 bikes and 5,000 registered customers on the platform.

Credr also lists higher end ‘superbikes’ on its platform for Mumbai users, listing bike details like kilometers clocked, how many previous owners, engine and model year. Other than this, it offers free 6 month warranty, and free roadside assistance.

Competition:

– In July, Bangalore-based pre-owned car marketplace for buying and selling used cars GoZoomo (previously known as Zoomo) raised $5 million in funding from existing investor SAIF Partners. GoZoomo planned to use the funds to add to its operations, technology and leadership team. Present in Bangalore and Mumbai, the company said that it had launches pending in Delhi, Pune, Hyderabad and Chandigarh.

– In the same month, Prashan Agarwal, the former co-founder of online real estate services portal PropTiger, launched a peer-to-peer transaction marketplace called 19miles, for buying and selling used cars. The startup also secured a Rs 2.5 crore funding from an unnamed angel investor.

– Car portal CarDekho raised an undisclosed amount of investment from HDFC Bank in May this year,  a little over three months after raising Series B funding worth $50 million from Hillhouse Capital, Tybourne Capital, Sequoia and Ratan Tata. Previously, the company had also raised $15 million from Sequoia Capital for a reported 20% stake in 2013.

– In February, Online auto classifieds service and vehicle accessories store Vicky.in introduced a DIY tool for car and bike maintenance/troubleshooting.Vicky claimed that this car and bike tool would be useful for users looking to replace spare parts in their vehicles.

– In October 2014, CarTrade.com raised Rs 185 crore from Warburg Pincus, Tiger Global and Canaan Partners. Then, it claimed to offer overn 100,000 listings of used cars on its platform. It also had a used car pricing guide and and a certification program wherein the car’s present condition was jointly inspected by a CarTrade engineer & the selling dealer and a detailed report is included as part of the listing.

– Other players in this segment include Olx, Axel Springer’s CarWale, Times Internet’s ZigWheels and India.com’s Oncars.in. Warburg Pincus and Tiger Global backed classifieds site Quikr also competes with CarDekho as it features a used car listings section.