Bengaluru-based Incredible Technologies, which owns online motorcycle platform CredR, plans to build its technology platform and expand offerings as the pandemic fuels demand for used vehicles in India.
On Wednesday, the company said it raised 6.5 million (Rs 48.1 crore), in its latest round of funding led by Yamaha Motors and existing investors Omidyar Network India and Eight Roads Ventures.
The round also participation from automotive focused early stage VC fund Astarc Ventures, the company said in a statement.
The development comes a year after CredR raised an undisclosed amount in a debt funding round from Stride Ventures.
Founded in 2015 by former investment banker Ishpreet Singh Gandhi, CredR is a used two-wheeler consumer brand which operates in an omnichannel presence. It has a chain of flagship showrooms across Maharashtra, Karnataka, Delhi, NCR and Rajasthan. On its online platform, customers can discover and book a used two-wheeler of their choice. They can then complete the test ride and the final transaction by visiting their nearest CredR showroom.
At present, CredR has a network of over 1,00,000 dealers, across India.
“Our partnership with Yamaha Motors validates our shared vision to provide customers the best option to buy / sell used two-wheelers. They are a name to be reckoned with in the global mobility sphere. The funds raised in this round would help us to go deeper into existing markets and provide world class customer experience empowered with technology,” Sasidhar Nandigam, co-founder of CredR, said.
Since its inception, CredR claims to have helped over 300,000 Indians own a used two-wheeler.
“India is one of the biggest mobility markets in the world and the personal freedom that motorcycles, and scooters bring, is a huge and lasting benefit for this country’s people, regardless of whether they are new or used. CredR’s clear vision behind its thriving used two-wheeler business resonated with us, and we decided to invest in the company," said Hajime Aota, senior general manager of new venture business development, Yamaha Motor Co.
The company is backed by Yamaha Motors, Astarc Ventures, Eight Road Ventures (Fidelity's proprietary investment arm), Omidyar Network India, BlackSoil, AngelList, K Ganesh (GrowthStory) and angel investors like Amit Agarwal (CEO, Amazon India), Rohit Bansal, Kunal Bahl, Sameer Sawhney and Debajit Das.