CredR, India's two-wheeler buying and selling platform, is developing innovative technology solutions to boost the adoption of electric vehicles (EVs) in India.
The company has developed a proprietary machine learning-based pricing technology for customers looking to exchange their used petrol two-wheelers for new EVs. The technology uses millions of data points to generate an accurate and transparent price quote for the exchange, allowing CredR to offer superior customer experience and drive the adoption of EVs.
It has developed a buyback program that guarantees a price for customers who buy new EVs now but may want to sell them later. CredR has over 350 touchpoints and relationships with various original equipment manufacturers (OEMs), providing a single brand for purchasing used two-wheelers across India. It evaluates more than 5,000 SKUs using parameter-based assessment and
offers value-added services like financing, insurance, servicing, repairs, and accessories to provide a simple, transparent, and quality user experience.
"We have successfully completed over 300,000+ transactions involving petrol two-wheelers. With our value proposition in EVs, we are confident that we can use our experience in both petrol and EV transactions to establish a trusted, transparent, and convenient EV ecosystem," said Nikhil Jain, co-founder of CredR.
To achieve this, CredR has developed a unique technology stack consisting of three applications: CredR Connect, CredR Refresh, and CredR.com. CredR Connect is a mobile app that enables sellers to instantly sell their two-wheelers, while CredR Refresh is a proprietary pricing tool that uses machine learning to determine the best price for refurbished two-wheelers. The tool is accompanied by a mobile app that ensures the two-wheelers meet high-quality standards before being sold. CredR.com is a transparent online platform that allows buyers to purchase any used two-wheeler (petrol or electric) with just one click. This platform also offers value-added services such as warranty, servicing, insurance, financing, and buy-back options to ensure a hassle-free experience for buyers.
CredR is leading the drive for electric vehicle adoption in India through its innovative solutions, including its proprietary pricing technology and buyback program. The company has also developed a used two-wheeler ecosystem that addresses pain points for various stakeholders, including manufacturers, service providers, sellers, purchasers, and channel partners.
The company also aims to test out global markets, particularly in Southeast Asia.