Mumbai, Jan 18: Refurbished electronics startup Qarmatek, on Tuesday said it has raised USD 3 million in a funding round led by Gujarat Venture Finance (GVFL) and Caspian Debt to fund its expansion plans.
In the preliminary stage, the funds will be utilized towards expanding and digitizing operational capabilities, to scale across key domestic markets and to foray into B2C operations with Mobex, a brand by Qarmatek, the company said in a statement issued here.
The investment will also enable Qarmatek to align with its vision of creating a tech-enabled circular economy for e-waste in India while also enhancing the customer experience from the sales to purchase touch points, it said.
Qarmatek also intends to use a portion of the funds towards creating an all-purpose technologically forward infrastructure.
With this round of capital infusion in the business, we look forward to accelerating our ability to serve more customers effectively and swiftly. Today, we as a business can fulfill 2 lakh repairs per month, but we are geared to take this to half a million repairs per month by the end of the ongoing calendar year, Qarmatek Co-Founder and Director Krunal Shah said.
He further said that with its expansion plans underway, the company is geared to become a future-ready organization with an interplay of advanced technology, enhanced customer experience and sustainability at the heart of all our efforts.
The expansion will enable Mobex, which has already been instituted in Tier 1 and 2 cities of Gujarat, to reach to other markets including Maharashtra, Karnataka and Telangana among others, where it sees a huge potential for sellers and buyers of refurbished and renewed electronics, the company said.
Currently, Mobex has an expansive network of around 4000 smartphone retailers in Gujarat. This network is planned to be scaled up into major cities and reach more than one lakh partners within the next couple of years. (UNI)
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