Used two-wheeler buying and selling platform CredR on Wednesday said it will invest $15 million (around Rs 110 crore) in 2022-23 to expand its business. CredR said in a statement that the Bengaluru-based firm plans to open 50 CredR showrooms in FY22-23 and more than 100 showrooms by 2024.
Commenting on the company's plans, CredR CEO and 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 for the next stages of our growth trajectory."
He also said: “The post-Covid response has been so massive that we have decided to go ahead with our expansion plans, keeping profitability and customer satisfaction as main objectives.”
The way forward, Nandigam said, is to keep building supply gateways to different cities, with refurbishment and showroom setups to follow.
CredR has already expanded its operations into new markets: Ahmedabad, Rajkot, Vadodara, Gurgaon and Faridabad to add to its six core markets of Bangalore, Pune, Jaipur, Belwara, Chittorgarh and Delhi.
"The goal is to be present in the 12 largest two-wheeler markets in India. The markets will be a mix of urban, tier 2 and tier 3," the company said, adding that it aims to achieve more than 30,000 agreements in 2022.
In 2021, CredR said it saw a 200 percent increase in used two-wheeler transactions, with revenue returning to pre-COVID levels by mid-2021.
The platform offers a wide range of bikes and scooters to choose from based on users' preferred budget, city and mileage. CredR also offers a 6-month warranty and 7-day buy protection for those wishing to buy a bike.