Mumbai-based used bikes marketplace CredR has raised INR 14.7 Cr from Eight Roads Investments and ON Mauritius.
According to filings with the Ministry of Corporate Affairs (MCA) accessed by Inc42, the company has allotted 20,083 Series A5 Compulsorily Convertible Preference Shares (CCPS), at a face value of INR 10 per share and a premium amount of INR 3,650 per share, to Eight Roads Investments Mauritius II Limited, aggregating to a total amount of INR 7.35 Cr. The same number of shares have been allotted to ON Mauritius.
Founded in 2014 by Nikhil Jain, Nittin Mittal and Sumit Chhazed, CredR is a marketplace for second-hand bikes and scooters. The company focuses on creating a niche solution in the used bikes segment, which is highly unorganised and fragmented, through a mix of offline and online approach.
Customers planning to buy used bikes can either select them on the CredR website and then complete the transaction by purchasing them from the company’s nearest showroom, or walk into these showrooms and buy the vehicles without using the website.
CredR, which has a chain of over 50 franchisee showrooms, also provides a formalised platform to over 10K auto original equipment manufacturer stores and used motorcycles dealers. Using its proprietary technology and full-stack vertically integrated business model, CredR claims to be working to improve the overall customer experience.
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