CredR to invest USD 15 mn to expand used 2-wheeler business
CredR also gives a 6-month warranty and 7-day buy protection for those wishing to buy a bike.
Used two-wheeler buying and selling platform CredR on Wednesday said it will invest USD 15 million (around Rs 110 crore) in 2022-23 to expand its business.
The Bengaluru-based firm plans to open 50 CredR showrooms for used two-wheelers in FY22-23 and over 100 showrooms by 2024, CredR said in a statement.
Commenting on the company's plans, CredR CEO & Co-founder Sasidhar Nandigam 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.'' He further said, ''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.'' The way forward is to keep building supply entryways into various cities, with refurbishment and showroom setups to follow, Nandigam said.
CredR has already expanded operations in new markets -- Ahmedabad, Rajkot, Vadodara, Gurgaon and Faridabad to add to its initial six markets of Bangalore, Pune, Jaipur, Bhilwara, Chittorgarh and Delhi.
''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,'' the company said, adding it aims to achieve over 30,000 transactions in 2022.
In 2021, CredR said it saw a 200 per cent rise in used two-wheelers transactions, with revenue bouncing back to pre-COVID levels by mid 2021 itself.
The platform offers a wide range of bikes and scooters to choose from based on users' preferred budget, city and kilometres run. CredR also gives a 6-month warranty and 7-day buy protection for those wishing to buy a bike.
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