BLive and CredR Partner to Provide Seamless Upgrade to Electric Bikes

• Blive Store Customers can upgrade from any petrol 2-wheeler to E-Scooters
• CredR to provide an instant exchange price for the petrol 2-wheeler 
• Launching in Delhi NCR, Pune, Bangalore and Jaipur 

New Delhi, 22 January 2021: Electric mobility has gained unprecedented importance in India over the last few years. As a result of the COVID-19 pandemic, people are becoming environment conscious and are moving towards the adoption of electric vehicles. Moreover, EVs are gaining higher acceptability due to the low purchase price, low running costs and ease of use. 

With people moving towards EVs, it was natural for CredR – an Omni-channel two-wheeler used consumer brand to collaborate with BLive, India's leading Electric Bike Tourism Platform. Blive has now launched India’s first EV Store. With this collaboration, users can exchange any petrol-based two-wheeler with E-Scooters sold on the Blive Store . While exchanging the old two-wheeler, CredR will offer instant quotes for old petrol scooters thus reducing the upfront cost of BLive e-bikes.

Users will be provided with convenience and hassle-free exchange of used two-wheelers for electric bikes and receive their new vehicle within days. An instant price quote/ estimate will be generated through the proprietary pricing application powered by CredR. To complete the transaction, CredR will verify the documents and the health of the petrol version of the two-wheeler. The exchange price will then be adjusted against the final cost of the new BLive electric two-wheeler. Currently, the program is applicable in Delhi NCR, Jaipur, Bangalore and Pune and will soon be expanded to other cities across India.

Commenting on this collaboration, Sasidhar Nandigam, Chief Strategic Officer, CredR said, “India’s Electric mobility landscape is going to change dramatically post COVID-19 pandemic and the sales are expected to rise. As the sales of overall two-wheelers will see a boom, there will also be a rise in sales of second-hand e-two wheelers. Currently, electric mobility contributes to less than 1% of the two-wheelers market that can only increase from here. We are tremendously excited to partner with BLive in bringing about this shift in the market."

Speaking on the announcement, Samarth Kholkar, CEO and Co-Founder, BLive said, “The more consumers experience EVs, the higher will be the adoption of the same. BLive, through its Ebike tours has been offering the same across 9 states of India giving consumers an opportunity to try EBikes. With the online EV store we want to offer the best experience of buying an EV making the adoption easier, whether it is with the range of EVs or the options to buy. With CredR, buying an EV becomes even simpler with consumers getting the advantage of not worrying about the older two-wheeler they own. We see this as a very strategic partnership as we add more brands."

CredR is India’s most trusted and only omni-channel consumer brand for buying and selling used two-wheelers. Founded in 2015, CredR, aims to simplify the entire process of transacting in used two-wheelers, by offering industry’s-first-in-class products/ services for building trust in a segment which is highly unorganized and fragmented. The company operates India’s first and largest chain of CredR branded retail showrooms across major cities like Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad through the franchise model. These showrooms offer customers with a wide range of used refurbished two-wheelers at the best prices. Using its proprietary technology and full-stack vertically integrated business model, CredR is revolutionizing the entire customer experience.

The company is backed by marquee blue-chip funds such as Eight Road Ventures (Fidelity's proprietary investment arm), Omidyar Network, AngelList, K Ganesh (GrowthStory) and angel investors like Amit Agarwal (CEO, Amazon India), Rohit Bansal, Kunal Bahl, Sameer Sawhney and Deb.

BLive is India’s first EV experience platform, offering experiential tours on E-bikes through EV tourism and driving easy ownership of electric two-wheelers through their online EV store.

Blive has long term partnerships with hospitality partners like Club Mahindra, Taj, Marriott, Hyatt etc. and Tourism boards like Goa and Pondicherry. BLive was recently awarded TripAdvisor Traveler’s Choice (Among Top 10% Experiences in the World) in 2020 and in a short period has successfully delivered E-bikes through their Online Store to 28 cities across India.

In A First, CredR starts Contactless Delivery of Bikes and Scooters, and Home Test Ride

Post Covid-19, many businesses are diversifying and bringing new ways of engaging with users, thus maintaining social distancing. With few restrictions eased out for businesses, CredR, India's Most Trusted brand to buy and sell used bikes and scooters, has taken an aggressive online approach, by introducing contactless delivery of used bikes and scooters directly to the buyer’s home. This is the first time any company in the used auto segment has introduced a feature, where customers can book online and get the used bike delivered to their homes. This has been launched in Bangalore and will be expanding to other cities.

According to Sasidhar Nandigam, Chief Strategy Officer; “The entire Covid-19 pandemic would continue to transform the way we live and everyone would soon realize that the virus will not disappear from our lives any time soon. With a predictable fall in consumers’ disposable incomes and the change in behaviours of not opting for public transport and shared mobility, we have already seen substantial increase in the demand for used bikes and scooters, as a mode of low-cost personal mobility”.

He further added that maintaining social distancing will become a norm, thus changing the way that businesses are operated. Keeping this trend in mind, they have also introduced initiatives which will ensure zero physical interaction and focus on digitally completing transactions.

With people staying at home amidst the lockdown, due to unavailability of public transportation and the numerous restrictions on private transportation; customers can now book a second hand bike or scooter online, for free. The booked used two-wheeler will then be delivered at the customer’s home where the customer can take a test ride, verify its documents and make the final payment through a contactless medium - such as online transfer or through e-wallets. The entire process will be completely contactless and digital.

A Covid-19 guideline has also been put in place for staff members as well as customers, to ensure that these are implemented by the company and in-showroom. In case of dealing with customers, no showroom personnel will be allowed to accompany customers on test rides, disposable/ frequently sanitized stationery will be used, handover of material or documents to the customer will happen in a safe and contactless manner. The Aarogya Setu app will be installed and made fully operational by each staff member. The name and contact number of each and every visitor will be taken down for easy contact tracing, in case of any untoward incident.

About CredR

CredR is India’s most trusted and only omnichannel consumer brand for buying and selling used two-wheelers. Founded in 2015, CredR, aims to simplify the entire process of transacting in used two-wheelers, by offering industry’s-first-in-class products/ services for building trust in a segment which is highly unorganized and fragmented. The company operates India’s first and largest chain of CredR branded retail showrooms across major cities like Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad through the franchise model. These showrooms offer customers with a wide range of used refurbished two-wheelers at the best prices. Using its proprietary technology and full-stack vertically integrated business model, CredR is revolutionising the entire customer experience.

The company is backed by marquee blue-chip funds such as Eight Road Ventures (Fidelity's proprietary investment arm), Omidyar Network, AngelList, K Ganesh (GrowthStory) and angel investors like Amit Agarwal (CEO, Amazon India), Rohit Bansal, Kunal Bahl, Sameer Sawhney and Deb.

Two Wheeler Marketplace CredR Secures Debt Funding From Stride Ventures

Mumbai based Incredible Technologies Limited or CredR has secured an undisclosed round of funding in Debt from Stride Ventures. CredR is India’s largest and most trusted consumer brand for used motorcycles. The brand aims at resolving the most common conflicts that a buyer or seller of used automobiles may face and boasts of a robust online as well as offline platform for buying and selling the same.

The infusion of new funds will be utilized by the company for financing the purchase of automobiles.

CredR has an asset light Online-to-Offline distribution model, which has scaled rapidly to over 45 showrooms to become India’s leading used motorcycle brand in the country. While the online channel helps CredR leverage the growing internet user base to raise awareness, generate interest and build a strong brand, showrooms facilitate a standardized and transparent purchasing experience to the consumer. CredR powers exchange programs at leading OEM showrooms of Hero, Honda, Suzuki, TVS, Yamaha, Bajaj, Harley Davidson and Royal Enfield.

Commenting on the fund raise, Nikhil Jain, Co-founder, Incredible Technologies, stated, "We found excellent partner in Stride, whose deep connects in debt ecosystem and experience in asset financing segment will help us massively to scale our business. We specifically like their approach of thinking like an entrepreneur and not as conventional lender”

Ishpreet Gandhi, Managing Partner, Stride Ventures, said, "India is the biggest two wheeler market in the world. CredR is tapping into a market with enormous potential by leveraging technology enabled solutions. More importantly, by ensuring transparency and affordability without compromising on quality, they are enhancing the trust of the consumers.”

About Incredible Technologies

CredR aims to simplify the entire process of transacting in used motorcycles by offering industry’s first in class products / services for building the trust in a segment which is highly unorganized and fragmented.Company operates India’s first and largest chain of CredR branded retail showrooms across major cities like Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad through the franchise model. These showrooms offer customers a wide range of used refurbished motorcycles at best prices.

Using its proprietary technology and full-stack vertically integrated business model, CredR is revolutionising the entire customer experience. The company raised its seed round from the likes of Rohit Bansal, Kunal Bahl, K Ganesh, Sameer Sawhney, Deb and Amit Agarwal. It is backed by institutions such as Omidyar Networks, Eight Road Ventures, Fidelity & proprietary investment arm, AngelList and GrowthStory.

About Stride Ventures

Delhi based Stride Ventures is focused on providing debt solutions to growth stage start-ups. As opposed to the ‘One Size Fits All’ approach, Stride provides tailor-made debt solutions to start-ups, enabling them to bridge the working capital discrepancy and strategically allocate capital. Bringing more than six decades of collective underwriting experience, the fund helps its portfolio companies leverage the banking ecosystem through their domain expertise and extensive network.

Stride Ventures had previously announced their first investment in Stellapps Technologies along with the first close of their maiden fund in November, 2019.

CredR Raises $6 Mn in Latest Round Led by Omidyar Network India

Mumbai-based Incredible Technologies Private Limited (“CredR”), has raised INR 38 crores (US$ 6 Mn) from Omidyar Network India as well as existing investors. The company is India’s largest used motorcycles consumer brand that integrates online and offline user buying experience through a chain of 50+ CredR franchisee showrooms across Pune, Bengaluru, Delhi NCR, Jaipur, Kota and Hyderabad. Prior to this round, CredR raised funds from Eight Roads Ventures, AngelList, GrowthStory, Angel investors and venture debt from Blacksoil capital.

Founded by Nikhil Jain, CredR has focused on creating a niche in the used motorcycles segment which is highly unorganised and very fragmented with over 1000 dealers, on average, in any major city. While, India is the world’s largest two wheeler market with over 20 million new units sold every year, the used motorcycles market is even bigger with over 30 million motorcycles sold every year. This massive and rapidly growing used motorcycles market is plagued by problems like poor customer experience, suspect motorcycles quality, lack of standard pricing and non-existent post sales services creating a massive trust deficit in the minds of the customers.

Using its proprietary technology and full stack vertically integrated business model, CredR is striving towards revolutionising the entire customer experience. Moreover, CredR is also providing a formalized platform for tens of thousands of auto original equipment manufacturer stores and used motorcycles dealers. Customers can either choose motorcycles on the website and then complete the transaction by buying them from the nearest CredR showroom or can directly walk into these showrooms and buy the vehicles. Over 130,000 customers have purchased the refurbished motorcycles at the best prices coupled with industry’s best and first in class post sales services.

Speaking about the company’s goal for the future, Nikhil Jain, Founder & CEO, CredR said, “Our partnership with Omidyar Network India validates our shared vision to provide customer the best option to buy / sell used motorcycles. The funds raised in this round would help us to go deeper in the existing markets and to provide world class customer experience using technology by expanding our tech and product teams.”

Speaking about CredR’s fundraise, Sasidhar Nandigam, CSO, CredR said, “We are excited to partner with Omidyar Network India in our journey to build India’s first used motorcycle consumer brand “CredR” that stands for trust in the highly unorganized, fragmented and massive market. Omidyar Network India’s deep understanding of the consumer brands and experience with mobility segment aligns with our first to market business model.”

Commenting on this investment, Siddharth Nautiyal, Investment Partner, Omidyar Network India said, “Two wheelers are the choice of transportation as much in the top 30 cities in India as the rest of the country. CredR is tapping into an exciting space that combines tech led solutions with real world platforms. We believe this convergence of online and offline is key to enhancing consumer trust in the next half billion.”
About Incredible Technologies Pvt Ltd. (CredR)

CredR aims to simplify the entire process of transacting in used motorcycles by offering industry’s first in class products / services for building the trust in a segment which is highly unorganized and fragmented. The company operates India’s first and largest chain of CredR branded retail showrooms across major cities in the country through the franchise model. These showrooms offer customers a wide range of used refurbished motorcycles at best prices.

Omidyar Network India invests in bold entrepreneurs who help create a meaningful life for every Indian, especially the hundreds of millions of Indians in low-income and lower-middle-income populations, ranging from the poorest among us to the existing middle class. To drive empowerment and social impact at scale, we work with entrepreneurs in the private, nonprofit and public sectors, who are tackling India’s hardest and most chronic problems.

The firm makes equity investments in early stage enterprises and provides grants to nonprofits in the areas of Digital Identity, Education, Emerging Tech, Financial Inclusion, Governance & Citizen Engagement, and Property Rights. Omidyar Network India is part of The Omidyar Group, a diverse collection of companies, organizations and initiatives, supported by philanthropists Pam and Pierre Omidyar, founder of eBay.