CredR to Expand into Southeast Asia and Africa with $1 million Initial Investment
Delhi, India- CredR, a leading online marketplace for used two-wheelers, is expanding its operations in Southeast Asia and Africa with a $1 million initial investment. The company’s innovative business model has already disrupted the traditional methods of buying and selling used two-wheelers in India, and now it aims to revolutionize the automobile market in other regions as well.
Nikhil Jain, the co-founder of CredR, is excited about the company’s expansion plans. “We are thrilled to bring our customer-centric approach to Southeast Asia and Africa,” says Mr. Jain. “We believe that our platform will provide buyers and sellers with a seamless and hassle-free experience, and we are committed to building a sustainable business that benefits all stakeholders.”
Over the past four years, the demand for used two-wheelers has increased in Southeast Asia and Africa. According to recent statistics, approximately 180,000 motorcycles were sold in Kenya in 2019, while over 4.6 million were sold in Indonesia, and over 3.1 million were sold in Vietnam. The following year, in 2020, over 4.6 million motorcycles were sold in Indonesia, and over 3.3 million were sold in Vietnam. Despite the challenges posed by the pandemic, the industry has shown signs of recovery, with a significant increase in sales reported in the third quarter of 2021.
In the first nine months of 2022, the regional 2-wheeler market hit 8.8 million, up 6.4%. It is worth noting that the pre-owned two-wheeler market is 1.5-2 times larger than the new two-wheeler market, indicating an immense potential for players in this market. This market growth presents a significant opportunity for businesses seeking to expand their operations and cater to the needs of this rapidly expanding market.
CredR’s expansion into Southeast Asia and Africa is part of its long-term growth strategy. The company plans to leverage its technology stack consisting of three applications: CredR Connect, CredR Refresh, and CredR.com to offer a unique value proposition to its customers in these regions.
CredR Connect is a mobile app that enables sellers to instantly sell their two-wheelers. This app will be available in local languages, making it easy for sellers to list their two-wheelers on the platform. CredR Refresh is a proprietary pricing tool that uses machine learning to determine the best price for refurbished two-wheelers. This tool is accompanied by a mobile app that ensures the two-wheelers meet high-quality standards before being sold. CredR.com is a transparent online platform that allows buyers to purchase any used two-wheeler with just one click. This platform also offers value-added services such as warranty, servicing, insurance, financing, and buy-back options to ensure a hassle-free experience for buyers.
Nikhil Jain, also a serial technology entrepreneur and IIT-Bombay alumnus added that CredR’s expansion into Southeast Asia and Africa comes at a time when there is a growing demand for used two-wheelers in these regions. “We have seen a significant increase in demand for used two-wheelers in Southeast Asia and Africa, and we believe that our platform can meet this demand,” says Mr Nikhil Jain. “Moreover, our platform will also help in promoting a sustainable mode of transportation, which is important for the environment.”
To support its growth in Southeast Asia and Africa, CredR will be partnering with local dealers and distributors. The company plans to leverage their expertise and local knowledge to provide customers with the best possible service.
Recently, the company has also developed a buyback program that guarantees a price for customers who buy new EVs now but may want to sell them later. CredR has over 350 touchpoints and relationships with various original equipment manufacturers (OEMs), providing a single brand for purchasing used two-wheelers across India and other regions.