CredR, owned by Incredible Technologies Limited, has raised an undisclosed amount of debt funding from Stride Ventures.
CredR is based in Mumbai, and it is a consumer-facing marketplace that allows two-wheeler owners to connect with their potential buyers. CredR will use this newly acquired fund to finance the purchase of automobiles.
This funding comes as the second investment from Stride Ventures in a startup after it the company closed its maiden venture debt worth 100 crore Indian rupees last year in December. Stride Ventures aims to close another 400 crore Indian rupees, even though it continues to deploy capital in startups.
CredR was founded in 2014 by alumni of the Indian Institute of Technology, Bombay, and since then, it has raised around US$20 million from investors such as Eight Roads Ventures, AngelList, GrowthStory, and Omidyar Network, among others.
It aims at resolving common conflicts that a seller or buyer of used automobiles is likely to face using online tools. CredR operates an asset-light online-to-offline model of distribution that operates in about 45 locations in India.
Its retail showrooms are present in cities such as Kota, Bengaluru, Pune, and Hyderabad, among others. The startup also has exchange programs through a partnership with great showrooms of Honda, Hero, TVS, Yamaha, Suzuki, and Bajaj, among others.
“We found an excellent partner in Stride, whose deep connects in debt ecosystem and experience in asset financing segment will help us massively to scale our business. We specifically like their approach of thinking like an entrepreneur and not as a conventional lender,” the co-founder of CredR said in a statement.
“India is the biggest two-wheeler market in the world. CredR is tapping into a market with enormous potential by leveraging technology-enabled solutions. More importantly, by ensuring transparency and affordability without compromising on quality, they are enhancing the trust of consumers,” Ishpreet Gandhi, the managing partner of Stride Ventures added.