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CredR raises $15 million from Eight Roads Ventures

Incredible Technologies, which owns
online marketplace for used two-wheelers CredR, has raised $15 million from
Eight Roads Ventures, earlier known as Fidelity Growth Partners.

Launched initially in Mumbai, CredR has
expanded its operations to Delhi, Bengaluru and Pune. The fresh funds will be
deployed to expand to 20 cities in the coming months, besides strengthening its
technology backbone and marketing, the company said in a statement.

“With Fidelity coming onboard, our
growth plans have just been put into top gear,” said Sumit Chhazed, co-founder
of CredR.

Incredible Technologies, which owns
online marketplace for used two-wheelers CredR, has raised $15 million from
Eight Roads Ventures, earlier known as Fidelity Growth Partners.

Launched initially in Mumbai, CredR has
expanded its operations to Delhi, Bengaluru and Pune. The fresh funds will be
deployed to expand to 20 cities in the coming months, besides strengthening its
technology backbone and marketing, the company said in a statement.

“With Fidelity coming onboard, our
growth plans have just been put into top gear,” said Sumit Chhazed, co-founder
of CredR.

The venture, launched by three Indian
Institute of Technology-Bombay alumni in November, raised an undisclosed sum
from Growthstory in June.

Other early investors in the company
include Snapdeal co-founders Kunal Bahl and Rohit Bansal and Amazon India head
Amit Agarwal. Kabir Narang, managing director at Eight Roads Ventures, will
join the company’s board, the statement said.

The company claims to have more than
2,000 vehicles on its platform and over 5,000 customers.

A number of online automobile classified
portals such as CarTrade, CarDekho and Carwale, which deal in used four-wheelers,
have attracted investor interest of late. CarTrade and CarDekho have received
$30 million and $50 million, respectively, of investment since October.
CarDekho also secured an investment from Ratan Tata recently.

 

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