We manage neither to over-price nor under-price, says Sumit Chhazed, Co ? founder, CredR

'Our platform connects buyers and sellers to ensure genuine, transparent and convenient transactions of buying and selling of pre-owned bikes, ' says Sumit Chhazed, Co – founder, CredR during an exclusive interaction with Retailer Media....

 

Tell us about your brand?

CredR is an online marketplace for listing and purchasing verified, pre-owned vehicles at the fairest value. CredR stands for Credible Resale and plans to reach new heights with a multi dimensional approach of changing the customers' perception towards the pre-owned vehicles. The platform connects buyers and sellers to ensure genuine, transparent and convenient transactions of buying and selling of pre-owned bikes. In less than 12 months of operations, we have seen more than 5000 transactions through our platform.

 

Talk to us about your revenue model?

Our revenue model is transaction led.

 

What are your price points and how do you manage lowest prices and profitability?

We have built our advanced pricing algorithm that factors various parameters to provide fair price points for any bike. We manage profitability by means of scale and optimized mapping of demand and supply. As we evaluate the bike and recommend the fairest value to it, we manage neither to over-price nor under-price it benefiting the buyer as well as seller.

 

Who do you think are your competitors in this segment?

We do not face direct competition in the market as our business model and value propositions are very unique. Though we have indirect competition from online classifieds as well as other listing platforms.

 

How do you promote your brand?

Since our current model works both online and offline, we have employed a mix of digital and offline initiative to promote our services and acquire consumers.

 

Are you looking forward to raise funds?

Yes, we are in closure of our Series A round in the tune of $15mn and will shortly make a formal announcement about the same to the media.

 

What are your expansion plans?

Our plans for this financial year include presence in 15 cities all over India by March 2016. Along with that we are also diversifying into premium segment automobiles. Our target is to hit 1000 transactions on our platform each day by the end of the present financial year.