Credr, an India-based used-motorcycle marketplace, has seemingly terminated operations following prolonged financial challenges. Its traffic declined to less than 80,000 monthly visits in May, according to Similarweb data, and the company’s website is now inaccessible.
In October 2024, Credr informed its employees that it would close its offices for ten days. At the time, the company was seeking a financial lifeline from investors. However, Credr reportedly did not reopen as planned due to its inability to secure funding.
Moreover, Credr did not pay the salaries of employees in September — with co-founder Sasidhar Nandigam saying that this was done to “conserve cash flow”. He added that the company was due to launch a new product, but this did not materialize.
Earlier this month, Credr’s website became inaccessible and has remained non-operational since. Additionally, its app is not currently available on Apple’s App Store and non-responsive on the Google Play Store. Nothing has been posted on Credr’s social handles since May 2024.
Founded in 2014 by Nikhil Jain, Sumit Chhazed, and Nittin Mittal, Credr had a presence in 13 Indian cities. Nandigam joined Credr as a co-founder in 2019 before the company raised $6.0 million U.S. from Omidyar Network later that year. Cred raised an additional $6.5 million in 2021 in a round led by Yamaha, which provided an additional $2 million in debt financing the following year.
Credr rival BeepKart laid off 40% of its workforce in October 2024, citing operational challenges. The ongoing difficulties of these companies reflect broader issues in used-motorcycle refurbishment and retailing in the local market. Used-motorcycle transactions remain largely peer-to-peer in India, with brokers accounting for most of the rest of the market.
The closure of Credr would leave BeepKart and the well-funded, TVS Motor-owned DriveX as the only two pure-play used-motorcycle marketplaces in India.
The AIM Group’s attempt to contact Credr’s corporate head office in Bengaluru has not yet elicited a reply. This report will be updated if a response is received.
