E-market CredR will drive to 20 cities with Rs 99.5 crore funds

BENGALURU: CredR, an online marketplace for buying and selling used vehicles, has raised its first institutional funding of Rs 99.48 crore ($15 million) from Eight Roads Ventures, the proprietary investment arm of Fidelity International Ltd.CredR will use the funds to take its product to 20 cities and focus on product engineering.“We are here to completely transform the experience of buying and selling a pre-owned bike,“ said Sumit Chhazed, cofounder of CredR, who started the company along with Nikhil Jain and Nittin Mittal last year.

Earlier this year, the company raised a seed round from investors including K Ganesh, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and Amit Agarwal. Vice-president and country manager at Amazon India.“The used vehicles marketplace represents a large opportunity globally, and CredR is well positioned to emerge as the leader in this space,“ said Kabir Narang, managing director at Fidelity's investment arm, who will join the board of CredR.