Are you looking to buy an electric scooter but don’t know what to do with your old IC engined Honda Activa? So you need not worry as CredR, a Bengaluru based omnichannel customer brand, is now offering customers a brand new electric two wheeler by replacing their old two wheelers. That too at a cost less than the original cost.
The company partnered with Delhi-based Crayon Motors a few months back, whereby customers can buy an electric bike from Crayon Motors, in lieu of any petrol-powered two-wheeler. CredR will give you an instant quote as soon as the customers go to exchange the vehicles, which will reduce the cost of the new vehicle.
A press release from the company mentioned, “The process has been simplified for the convenience of the customers and they get their new vehicle in the shortest possible time. The company has a proprietary pricing software through which instant quotes are generated.
In order to complete the exchange, all the documents and the health of the petrol vehicle are verified by the company. Then, based on that the final price of the new electric two-wheeler from Crayon Motors is reduced.”
The company has over 20 showrooms in Delhi-NCR, Jaipur, Bhilwara, Chittorgarh, Pune and Bengaluru and is planning to expand to Ahmedabad and Hyderabad in the next three months.
However, Crayon Motors is not the first electric vehicle company that CredR has partnered with. In the past few companies like Energy, Ampere, Hero Electric, BeeLive, Okinawa, Gemopai, Tech Electra have partnered with the company.
Easing the road for electric vehicles
CredR’s founders are Nikhil Jain and Shashidhar Nandigam. He started the company in 2014. Under this, his goal was to change the way of buying and selling second hand vehicles. Based on years of experience, he realized that customers are duped by unregulated second hand dealers on things like price, quality, insurance, guarantee and warranty.
“In simple words, we aim to replicate the same customer experience in the second hand bike category that you get when you buy a new bike,” Shashidhar Nandigam, CSO, CredR told The Better India.
Several key aspects of their business also include finding out how the company can help customers buy new bikes instead of their old ones. Over the past 5 years, they have partnered with several Original Equipment Manufacturers (OEMs).
At the beginning of the first wave of the coronavirus pandemic, he extended the same relationship from IC-engine bike companies to electric vehicle manufacturers. Starting with Ather Energy, he further partnered with several leading e-bike companies.
Says Shashidhar, “We want to promote the EV eco-system in India. Many customers told us that they want to get a new electric bike or scooter, but how do they get rid of their old Royal Enfield? These customers do not want to talk to old bike dealers because of the fear of loss. If facilities are eased in these areas, the adoption of EV vehicles will naturally increase.”
He further adds, “Transparency and credibility is an important question in this entire process. Also, EV customers are more prudent than others, as they are buying a concept rather than a product. They expect the transaction process to be easy as compared to others. Ather Energy customers would expect the entire exchange process to take place in a matter of seconds. Therefore, as a competition, we face the challenge of developing and adopting our technologies. ,
How do you convert your old scooter for EV?
Here the exchange takes place at two levels.
First you go to CredR’s website and click on ‘Exchange Your Bike’ option. Next, select your city and select the brand of new e-bike (eg Ather Energy or Crayon) that you wish to buy. After that you have to submit your basic details like name, mobile phone number and pin code. Then an OTP is generated on your phone number.
After this process, you land on a page where you can select the model you want to sell. Then you have to select the year in which you bought the vehicle. Then, you will be given an instance quote through a proprietary pricing application for the new electric vehicle.
Once the price is agreed upon, you are given a time slot to pick up and inspect the bike. Next, you confirm the exchange. If the price doesn’t suit you, you get a call from CredR asking how they can help you.
Most of the customers disagree with the price quoted by CredR, but they quickly agree once the call is received. However, not everyone is satisfied.
Another way to do this is to visit the showrooms of companies affiliated with CredR. Where the sales executive has the CredR mobile app. Through this app all 30-40 set parameters of your old scooter or bike are captured. Then, this information is sent to CredR’s web server.
Then in 10-15 minutes, you get to know about the price of the new e-bike. If you are happy with that price, you sell your vehicle to CredR and you will get a brand new e-bike of your choice at a reduced price.
Shashidhar explains, “Suppose a new e-bike costs Rs 1 lakh and your old Honda Activa is 40 thousand. In this way, you will have to pay only 60 thousand to the e-bike company. This process may look easy from outside, but it has to face many technical challenges. The data algorithms in the back end make the whole process seamless.”
Why customers give priority
Many customers prefer CredR over second-hand dealers because they do not face any legal hurdles. There are hundreds of cases of price and quality frauds during transactions in online marketplaces or second-hand dealerships, but many times there is no news about it in the media.
What is even more worrying is that in such transactions, the documents are not given much consideration and many times people want to sell or buy their vehicles just because they are using it for some illegal work. We do.
Regarding this, Shashidhar claims, “CredR completes the documentation process with full responsibility. When you sell your bike to us, you are free from all legal hassles. As a customer, it gives you peace of mind.”
coping with corona pandemic
The company claims that they exchange around 1000 electric vehicles every month. According to him, the corona pandemic has badly affected the exchange business. However, there has been a boom in the business of second-hand two wheelers, especially in Tier-2 and Tier-3 cities where the public transport system is not good.
Also, due to the decline in the trend of shared mobility and decreasing income of the people, now many people are buying old scooters or motorcycles instead of new bikes.
Says Shashidhar, “There has been a slight slowdown in the exchange business as customers need a physical touch point to buy new bikes and showrooms are opening irregularly. It’s something we have no control over.”
The future of the company looks very bright as it is backed by several investors like Omidyar Network, Stride Ventures, Blacksoil, AngelList, K Ganesh (GrowthStory), At Road Ventures. The company has made an exclusive partnership with Yamaha Motors for its Bangalore market this year.
मूल लेख – Rinchen Norbu Wangchuk
Editing – G N Jha
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