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Bangalore-based used two-wheeler buying and selling platform, CredR, plans to invest $15 million (approx. 110 crore) in its used two-wheeler business in the upcoming financial year. With this investment, the company plans to open 50 CredR showrooms offering used two-wheelers in FY 22-23 and over 100 showrooms by 2024.

CredR has already expanded operations from its initial six markets of Bangalore, Pune, Jaipur, Bhilwara, Chittorgarh and Delhi to six new markets, namely Ahmedabad, Rajkot, Vadodara, Gurgaon and Faridabad. The target is to be present in the top 12 two-wheeler markets in India. The markets will be a mix of urban, tier 2 and tier 3 towns.

In 2021, CredR saw a 200% rise in used two-wheelers transactions, with revenue bouncing back to pre-Covid levels by mid-2021 itself. The company scaled its supply chain to build inventories at all its showrooms to meet the demand in the entry-level and mid-price used two-wheeler segments. The target for 2022 is to achieve 30,000+ transactions, it says.

CredR witnessed a huge demand of almost 400% from the lockdown period and saw an upward trend even during the festive season and year-end sales. Moreover, due to the recent rise in petrol prices, sentiments have shifted away from cars to high mileage used 2 wheelers.

To support this growth, CredR will be looking to increase their team to 2x the current size in the coming fiscal year and also focus on making the entire customer flow tech driven. The brand has also plans to invest in OOH and digital media campaigns and bring a noted celebrity endorser onboard.

Sasidhar Nandigam, CEO & Co-founder, CredR said, “The pandemic was an unexpected boon to our business. The break in business allowed us to reposition and strategically plan the next few stages of our growth trajectory. The post-covid response has been so massive that we have decided to go all out with our expansion plans, keeping profitability and customer satisfaction as paramount objectives."

He further stated, “The way forward is to keep building supply entryways into various cities, with refurbishment and showroom setups to follow. Supply helps us build a strong foothold into the market which drives our pricing and demand mapping a great deal."

CredR performs over 120 inspections and quality checks before putting a bike on sale. The platform offers wide range of bikes and scooters. It also gives a 6-month warranty and 7-day buy protection for those wishing to buy a bike.

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