Used vehicles marketplace, CredR today said it has closed a USD 15 million (about Rs 99 crore) round by Fidelity's proprietary investment arm, Eight Roads Ventures.
The series A funding will enable CredR to rapidly scale up its product engineering and marketing and further build its product platform across 20 Indian cities, CredR said in a statement.
Started by three IIT-Bombay alumni, CredR had raised seed funding earlier this year from investors including Kunal Bahl and Rohit Bansal of Snapdeal, Amit Agarwal of Amazon and K Ganesh.
"We are focussing on the large used vehicle market with an estimated value of USD 10 billion. The market is ripe for technology-led disruption that CredR aims to bring in the process of buying and selling pre-owned vehicles," CredR co-founder Nikhil Jain said.
CredR's purpose is to revolutionise the pre-owned automobile industry in India by coupling trust, convenience and transparency with intelligent leveraging of technology, he added.
Following the close of this round of financing, Kabir Narang, Managing Director at Fidelity's investment arm will join the board of CredR.
"The used vehicles marketplace represents a large opportunity globally, and CredR is well positioned to emerge as the leader in this space. We have been thoroughly impressed by the quality of CredR's platform and its stellar management team," Narang said.
CredR provides a one-stop solution for the sale and purchase of pre-owned bikes, using its algorithm to provide high quality vehicles at the best prices.
