CredR, omni-channel platform for buying and selling used two-wheelers, on Tuesday said it plans to invest USD 15 million (around Rs 110 crore) in the upcoming financial year to expand operations across the country.
With this investment, the company plans to open 50 franchise showrooms offering used two-wheelers in 2021-22 and over 100 showrooms by 2023, the Bengaluru-based firm said in a statement.
CredR already has a network of showrooms across seven cities -- Delhi NCR, Jaipur, Bhilwara, Chittorgarh, Sikar, Pune, Bengaluru and is looking to expand to more cities in the coming months.
"There is a 400 per cent surge in demand for used two-wheelers as this pandemic has reinforced the need for a personal vehicle. In financial year 2020, there were 1.3 used two-wheeler transactions for every new two-wheeler transaction. We see this number going well above 1.7 times in the current year as people prefer personal mobility at a lower cost," CredR Chief Strategy Officer Sasidhar Nandigam said.
The company's used two-wheelers are aimed at providing economical, value-driven personal mobility solutions to people in the most transparent and hassle free manner, he added.
Founded in 2015, CredR is backed by funds such as Stride Ventures, Eight Road Ventures (Fidelity's proprietary investment arm), Omidyar Network India, AngelList, K Ganesh and(GrowthStory).