Pros and Cons in hiring a vehicle
Planning to buy a second hand vehicle with genuine price and quality? Well there are innumerable issues and unprecedented aspects that a customer needs to tackle while buying a second hand bike, making the whole experience very stressful. CredR is an online marketplace for “used” automobiles. In simple CredR is built on the foundation of making pre-owned vehicles buying process as convenient and delightful as making a new vehicle purchase. They realized this challenge among consumers and wanted to bring in an easier, convenient and more trustworthy process to mitigate the perils of buying pre-owned vehicles, and hence launched CredR. Here the efforts are focused on making CredR a convenient, reliable and transparent online marketplace for used vehicles, which is easy to use and has sufficient information to help any customer to make an informed purchase.
The Idea Room
The idea was born out of a personal experience. Sumit and his friend were hunting for an used bike after their college days since it would be a smart and economical decision to buy a second-hand bike. They explored every possible means to find the bike they needed from local dealers to neighbors, but nothing worked out and found to be troublesome. Though they found one after a long search, it seemed to be a troublesome process. And it still continued when the bike started creating problems coughing out lot of money. CredR was then born out of realization and pain.
Founders and their Ventures
CredR was founded in February 2015 at Mumbai by three IITans Sumit, Nikhil and Nittin all in mid 20s. Nikhil and Sumit earlier started with Enelek power in 2011 which gifted them good revenues. The second venture was Coursewave Eduventures, an education company which was a massive hit too.
CredR from lakhs to Crores
Started with an investment of INR 20 lakhs, now it gives an annual turnover of INR 85 crores, with 4,00,000 unique visitors a month to their website. Apart from this, their online communities have close to 1 lakh followers and clocks close to 1 million impressions digitally, each month. They differentiate themselves from the competitors by integrating technology in the process to include unique features in providing a service. An energetic, passionate and competent workforce backed with a support, direction and a friendly work culture that inspires people to innovate, is what keeps them going. CredR has also been featured in Forbes 30 Millennials under 30 in Asia who are changing e-commerce and shopping which is a greatest achievement.
Funding and Fund Raising
CredR received a funding of $15Million in Series A from Fidelity’s Proprietary Investment Arm in 2015. The funding is directed towards accelerating growth and to expand company’s geographic and product presence. Apart from this they have raised funds from GrowthStory and a couple of people working with Amazon and Snapdeal.
What’s inside the Cave
All vehicles on their site are verified and quality checked by the team of Auto Experts and then rated as per the systematic rating algorithm (bikes with rating below 3 are rejected), thus there is no room for any ambiguous pricing. The rating algorithm considers over 120+ parameters before being listed on the portal facilitating transactions between B2C, C2B, B2B. By sharing a detailed inspection report for each bike on the site, it allows the consumers to read through and make an informed decision. They also provide an end-to-end assistance to the customers starting from selecting a bike to assisted purchase to post sale services. Some of the other unique features they offer includes
- free test ride
- online bike reservation
- easy loan facility.
Post sales services include free 6 months warranty, 1 year roadside assistance, accidental cover of Rs. 2,00,000 and an easy buy back policy.
Plans to Fly High
Currently they are operating in five different cities like Bangalore, Mumbai, Delhi, Pune and Hyderabad and soon planning to expand in more cities targeting to reach 1000 transactions a day. Being optimistic in creating a strong brand image for CredR to ensure more traction from consumers willing to transact online. With strategic tie-ups and getting strong business partners onboard, they are striving to make the purchase process as delightful as a new vehicle purchase.