Entrepreneurs from IIT-Mumbai and Stanford University have created a new start-up called CredR that will enter the pre-owned automobiles market and operate across Mumbai, Bengaluru and Pune. CredR plans to bring new features in the industry by offering services like free inspection on 80-plus parameters of the bike, test rides at the home of the buyer, a six-month warranty, one-year roadside assistance and an advanced algorithm to determine fair price.
“CredR’s purpose is to revolutionise the pre-owned automobile industry in India by coupling Trust, Convenience and Transparency by leveraging technology,” said Sumit Chhazed, one of the founders of the start-up.
According to Nikhil Jain, another co-founder of CredR, the start-up aims to change the perception of the traditional industry of pre-owned vehicles. CredR wants to build a vision that will make a technologically advanced platform to assist in buying or selling pre-owned vehicles and assessing fair price of a pre-owned vehicle.
In just four months, CredR has sold more than 1000 bikes and has registered a month-on-month growth of 300 percent. The website itself receives over 4 lakh visitors every month.
