IIT Mumbai - Stanford Alumni Start Up CredR enters pre-owned automobile industry

CredR, a new start up by young entrepreneurs from IIT Mumbai and Stanford University with operations in Mumbai, Bangalore and Pune has entered the decades old pre-owned vehicles market by offering never heard before features such as free Inspection on 80-plus parameters of the bike, test rides at the home of the buyer, a six-month warranty, one-year roadside assistance and an advanced algorithm to determine fair price.

"CredR's purpose is to revolutionise the pre-owned automobile industry in India by coupling Trust, Convenience and Transparency by leveraging technology," said Sumit Chhazed, one of the founders of CredR.

"Our first focus at CredR is to change the age old perception about pre-owned vehicles. We want to make the transactional process as smooth and hassle-free as making a firsthand purchase at a showroom. The vision is to make the platform so technologically robust that it becomes a de-facto standard for buying or selling pre-owned automobiles and for assessing fair value of a pre-owned vehicle," added Nikhil Jain, the co-founder of CredR.

CredR, which is now operational in three cities of Mumbai, Bengaluru and Pune since the set up of operations in a span of only four months, has sold more than 1000 bikes registering month-on-month growth of 300 percent.

The startup receives 1000 requests in a day to buy or sell pre-owned automobiles. CredR's website receives approximately four lakh visitors every month.

The company has a 20,000-plus strong Facebook community. With over 180 employees currently, CredR's plans include diversifying into the premium bikes and cars segment and aiming to become the market leader in India in all the areas in which it operates.

It has also been in advanced talks of institutional funding hoping to close in next few weeks.