Incredible Technologies, an India-based company that operates second-hand vehicles marketplace Credr, has raised a $15m series A round from Eight Roads Ventures, an investment affiliate of financial services conglomerate Fidelity, VC Circle reported on Friday.
Set up in 2014, Credr is an online platform for car owners to sell their used vehicles to other users.
Credr is set to use the capital for product engineering, marketing efforts, and expand into 20 cities across India. As part of the investment, Eight Roads’ managing director Kabir Narang has joined Credr’s board.
The company previously raised an undisclosed amount of seed funding from assorted angel investors.
Nikhil Jain, co-founder of Credr, said: “We are focusing on the large used vehicle market with an estimated value of $10bn. The market is ripe for technology-led disruption that Credr aims to bring in the process of buying and selling pre-owned vehicles.”