In Startup50 2016: For its ability to scale rapidly as the leading marketplace that facilitates buying, selling and exchange of verified, pre-owned two wheelers.
Founders: Sumit Chhazed (in pic), Nikhil Jain, Nittin Mittal
Although an online marketplace for buying and selling pre-owned two-wheelers is not a new concept, what makes CredR unique is its technology and tools that solve pricing and quality issues in an unorganised market. Founded in February 2015, the Mumbai-based company has witnessed good growth since the early days; having expanded to five cities in the first six months of operations, and growing at a monthly rate of 18 to 20 per cent.
CredR banks on four key elements to stand out from the crowd. One, its technology, which creates transparency and convenience of transactions. Secondly, its inspection process; wherein each vehicle is inspected on 80+ quality checkpoints before being listed on the website. Thirdly, the use of dynamic rating algorithm to inspect and arrive at a rating for each bike, and a standardized pricing for all bikes as per its proprietary algorithm. For example, on CredR’s platform, bikes with a rating below 3 are rejected. Lastly, its end-to-end fulfilment platform wherein it assists the buyer right from selecting a bike to providing paper transfer assistance and post-sale services.
With 1,000+ access points and 500 vendors currently on board, the company has sold 27,000+ bikes since founding, and records website traffic of 30,000 users per day.
Fuelling A Revolution
With Rs. 85 crore in revenues (in FY16), CredR has thus far raised two rounds of funding (a pre-Series round and Series A) from notable investors such as Fidelity’s Proprietary Investment Arm, Krishnan Ganesh, Srinivas Anumolu, Kunal Bahl, Rohit Bansal and Amit Agarwal.
Having established itself as a credible marketplace for second-hand bikes, the goal for this startup is to further stabilise its growth and go pan India in the near future.
Did You Know?
Each vehicle is inspected on 80+ quality checkpoints before being listed on the website. If a vehicle is rated 3 or below, on a scale of 5, it won’t be listed on the platform.