After establishing its presence in markets across Mumbai, Pune, Bengaluru and New Delhi, CredR, a Mumbai-based online marketplace for listing and purchasing-verified, pre-owned vehicles, is expanding its horizons to Hyderabad.
Hyderabad is one of the biggest markets for CredR with over 70 used bike entrepreneurs on board. The attractive market size of pre-owned vehicles in Hyderabad in terms of volume is approximately 15,000 vehicles monthly and about 180,000 vehicles annually, the company said in a statement on Monday.
Incepted in 2014 by IIT-Bombay graduates Nikhil Jain, Nittin Mittal and Sumit Chhazed, CredR has raised $15 million in a Series-A round by Fidelity's proprietary investment arm Eight Roads Ventures, in September 2015.
The company plans to scale up its product engineering and marketing and further build its market-leading product platform across 20 Indian cities. In its roadmap in Hyderabad, CredR aims to onboard over 100 used-bike entrepreneurs. It will also extend its product offerings with super bikes and luxury cars soon.
"CredR will assist its partners in Hyderabad to generate high-quality bike supply, up their sales and expand their reach," said Nikhil Jain, co-founder of CredR.
"We will kickstart operations in Hyderabad this month with a lean team, targeting 300 bike sales in our first month," said Aniket Harsh, CredR launch head for Hyderabad.