Credr To Invest $15 Million In Used 2W Business Expansion In 2022

Bangalore-based used two-wheeler consumer brand CredR has firmed up plans to invest $15 million (approx. Rs 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 Gold Standard 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 2-Wheelers transactions, with revenue bouncing back to pre-COVID levels by mid 2021 itself. The company’s target for 2022 is to achieve 30,000+ transactions.

CredR witnessed a huge pent-up demand, of almost 400% from the lockdown period and saw an upward trend even during the festive season and year end sales. To support this growth, CredR plans 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. Additionally the brand plans to invest heavily in OOH and digital media campaigns and bring a noted celebrity endorser onboard.

“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.” Said Sasidhar Nandigam, CEO & Co-founder, CredR

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.”