Eight Roads commits $15m to India's CredR

CredR will use the funds to expand to a total of 20 cities and to improve its product engineering, according to an Economic Times story linked from CredR's Twitter feed. Currently the company operates in four cities; it claims to have more than 5,000 customers, with over 2,000 vehicles available on its platform.

The company's goal is to provide a reliable service for used vehicle shopping. Its scoring system already aims to give customers a consistent way of comparing different offerings, and CredR plans to introduce a pricing algorithm that is tied to the scoring system. Earlier this year CredR raised an undisclosed amount of seed funding from investors including Snapdeal co-founders Kunal Bahl and Rohit Bansal.

India's online used vehicle marketplace is currently dominated by classified platforms such as locally based Quikr and South African OLX, which only link buyers to sellers and do not determine pricing or monitor the actual transaction. Quikr raised a $150 million funding round led by Tiger Global Management in April.

Fidelity Growth Partners announced its renaming to Eight Roads Venture in July. As Fidelity, the GP has contributed funding to several Indian technology start-ups, having recently led a $10 million round for healthcare service provider Medwell Ventures, as well as co-leading, with Greycroft Partners, a $6 million round for cloud enterprise services start-up Icertis.

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• Topics
• South Asia
• Consumer
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• Expansion
• Early-stage
• Venture
• GPs
• India
• Fidelity Growth Partners
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• GPs