Mumbai headquartered Incredible Technologies, which operates used two-wheeler marketplace CredR, has raised $6 million from Omidyar Network and its existing investors.
The company has earlier raised capital from Eight Roads Ventures, AngelList, Growth Story and venture debt firm, Blacksoil Capital. Impact investor Omidyar Network is also an investor in Bengaluru-based dockless scooter rental platform Bounce.
The company which provides online-to-offline services for purchasing used bikes and scooters through its franchisee showrooms will utilise the capital for expansion. It currently runs over 50 showrooms across Pune, Bengaluru, Delhi NCR, Jaipur, Kota and Hyderabad.
“The funds raised in this round would help us to go deeper in existing markets and to provide world class customer experience using technology by expanding our tech and product teams,” said Nikhil Jain, CEO at CredR in a statement issued by the company.
The company was founded in 2014 by IIT Mumbai graduates Jain, Sumit Chhazed and Nitin Mittal. Chhazed and Mittal left the company in 2017. Chhazed later founded retail automotive leasing company, OTO Capital.
“Two wheelers are the choice of transportation as much in the top 30 cities in India as the rest of the country. CredR is tapping into an exciting space that combines tech led solutions with real world platforms. We believe this convergence of online and offline is key to enhancing consumer trust in the next half billion,” said Siddharth Nautiyal, investment partner at Omidyar Network in the statement.
In the used bike sale segment, CredR competes with well funded players like Droom which has raised over $125 million in funding across six rounds of funding till date. It also competes with classifieds sites OLX and Quikr, as well as CarTrade owned portal, Bikewale.