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…
