Bangalore based Growthstory, an entrepreneurship platform to foster the companies from scratch, has backed a Mumbai based startup – CredR which is aimed at redefining pre-owned automobile market using technology.
CredR was founded by a team of IIT-Bombay graduates, Sumit Chhazed, Nikhil Jain and Nittin Mittal in 2015. CredR is an online marketplace for listing and purchasing verified, pre-owned vehicles at the fairest value. CredR was founded with the founder’s personal bad experience in the purchase of a used bike. With a strong technological impetus, the company aims at making inspection and appropriate price determination, dynamic and easy. The company provides services like test rides at the home of the buyer, a 6-month warranty, 1-year roadside assistance and fair pricing system.
“Present market does not have any standardised system to rate second hand bikes, rendering inefficient pricing of automobiles. With CredR, we have developed an advanced algorithm to determine fair pricing system for every listed vehicle based on the 80+ parameters of the bike.” told Sumit Chhazed, Co-founder of CredR. He also added, “As opposed to the general listing model, we are focused on end to end customer satisfaction, by becoming the one stop solution to every customer problem entailing from verification to post sale customer support.”
In a span of only 4 months since set up of its operations, CredR is now operational in 3 cities: Mumbai, Bangalore and Pune and has sold more than 1000 bikes registering month-on-month growth of 300%. The startup receives 1000 requests in a day to buy/sell pre-owned automobiles. With over 180 employees currently, CredR’s plans include expanding to the 10 most “automobile-crazy” cities in the coming months followed by a pan-India presence.
“The company connects customer with the support officials under 2 hours of complaint submission.” said Sumit Chhazed.
GrowthStory is a bangalore based entrepreneurship platform founded by serial entrepreneur couple Krishnan and Meena Ganesh in 2006. They foster companies from scratch, solve core problems, address their basic needs and create millions of dollars for investors, shareholders and employees. Their startups include TutorVista, Portea Medical, Marketics, BigBasket, Bluestone, AVAGMAH Education, FlipClass, Delyver, Must See India, Online Prasad. CredR is the tenth investment of GrowthStory.