Debt

Debt financing

Used 2-wheelers marketplace CredR raises $2-M from Yamaha

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CredR, a Mumbai-based omnichannel marketplace for used two-wheelers, has raised INR 16.17 crore (USD 2 million) via convertible debt from existing backer Yamaha Motor. This is the first debt round of the company in 2022. CredR would issue 44,180 compulsory convertible debentures (CCD) at an issue price of INR 3,360 per debenture to raise INR 16.17 crore from Yamaha. Led by Nikhil Jain and Sumit Chhazed, CredR is a marketplace for buying and selling two-wheelers. It offers 100% inspected bikes and post-sales support. At present, the company has a presence in seven cities including Ahmedabad, Bangalore, Chennai and Delhi (NCR). In June 2021, CredR had raised USD 6.5 million in a funding round led by Yamaha with the participation of Omidyar, Eight Roads Ventures and others. CredR's revenue from operations shrank 54% to INR 9.5 crore in FY21 from INR 20.7 crore in FY20 and annual losses surged 2.6X to INR 42.6 crore in FY21.