Passion for entrepreneurship led CredR founders to hire entrepreneurs
CredR raised $15Million fund
Our Correspondent ● New Delhi
Sumit Chhazed and Nikhil Jain, alumni of IIT Bombay and Stanford University, have always had the passion and zeal to start something on their own. At just 25, along with Nittin Mittal, they have co-founded three successful ventures and running focused right now on CredR- India’s most trusted online marketplace for buying and selling verified, pre-owned two-wheeler vehicles at the fairest value right now. Previously they had started Enelek Power– a start-up aimed at providing energy saving solutions in India and Coursewave Eduventures- a technology focused education company partnering with best universities & institutions of India and providing online engaging courses to be accessible to everyone for free!
However, CredR has entered the used two-wheeler market to bring in transparency, convenience and trust in the system. CredR stands for Credible Resale and plans to reach new heights with a multi dimensional approach of changing the customers’ perception towards the pre-owned vehicles. The platform connects buyers and sellers to ensure genuine, transparent and convenient transactions of buying and selling of pre-owned bikes. The firm was founded in Mumbai in February 2015. Now it has spread operations to 5 cities – Mumbai, Pune, Bangalore, Hyderabad and Delhi. The team has grown from a mere 6 to a whooping 300+ across cities. Each bike come thoroughly inspected on 80+ quality check points and is bundled with after sales services such as free 6 months warranty and free 1 year roadside assistance to assist the buyer even after the purchase has been made. CredR has transacted 12000+ bikes in the last 9 months, through its platform. At CredR, 150 fresh used bikes are added to the inventory, daily. Their business is based on a transaction led model, earning depends on each and every transaction that takes place through their portal. Also with the increase in the number of buyers and sellers over the time, the inspection process at CredR is technologically competent with the introduction of the Inspector App. The futuristic notion of the app will help in adding convenience to the seller to a great extent. The company targets 1000 transactions per day by the end of the next year. They will soon expand its operations to 10 more cities by March 2016. CredR recently received a funding of $15Million in Series A from Fidelity’s Proprietary Investment Arm. The funding is directed towards accelerating growth and to expand company’s geographic and product presence. Prior to this they had raised an undisclosed sum from Growthstory, the family office of K. Ganesh and his wife Meena Ganesh along with Kunal Bahl and Rohit Bansal of Snapdeal and Amit Agarwal of Amazon – as CredR stated. The company recently announced a unique bike loan facility, starting 25th November 2015. For this, they have tied up with Banks, Aggregators and NBFCs to make loan facility available for all customers with an option of installment based payment, thus making the entire purchase process convenient and stress free.
“ Nittin and I were hunting for a used bike after our college days. We thought it would be a smart and economical decision to buy a second hand bike. We explored every means possible to find the bike we needed, be it local dealers, online listings, friends, family, neighbors, but nothing worked out for long. The whole process was very hectic and troublesome; we kept running from one dealer to another to find a used bike that fitted our requirement criteria.” said Sumit Chhazed.
“ Finally we found one, after a lot of searching and seeking. But unfortunately our happiness was short-lived. We faced yet another set of problems with the vehicle post its purchase. The bike started creating problems every now and then. We realized how painstaking the process of buying a used two wheeler was. That’s when we decided to create a simple and easy experience for buyers and sellers of used vehicles. We came together to put an end to all those problems that come in the way of buying and selling used vehicles. The solution that we came up with was CredR.” he shared his view to The CEO Magazine.
Sumit Chhazed, the co-founder of CredR, is responsible for helming Product and Innovations. An Indian Institute of Technology (IIT) graduate, Sumit Chhazed chose to create his own path, not once but thrice successfully. He has been instrumental in setting up the 300+ people organization from scratch, technology, usability, roll-out, differentiating niche positioning and creating strong product designing. The passion for entrepreneurship led him and the other two co-founders to hire many such entrepreneurs like them who can drive the venture with the same passion as them. Apart from professional pursuits, Sumit Chhazed is an avid trekker, a sports enthusiast, skilled coder and inspiring public speaker.