Home-grown private equity firm Carpediem Capital has invested nearly Rs 40 crore (around $6 million) in Gadgetwood, an on-demand repair services and refurbishment startup, marking its third investment from its debut fund.
The startup, run by Delhi-based Gadgetwood Eservices Pvt. Ltd, will use the capital to expand geographically, it said in a statement.
The firm, which has been offering its service for mobile devices, intends to increase its presence in 10 cities across the country by next year, and broaden the scope of its repairs capabilities to include laptops, wearable tech, LED TVs, etc.
VCCircle was the first to report in June that Carpdiem’s third investment is likely to come up in the mobile servicing sector.
“The repairs and refurbishment market in India is highly fragmented and unorganised, and there is a significant opportunity for a company like Gadgetwood to create a scalable business servicing a large gap in the industry,†said Abhishek Sharman, founder and MD at Carpediem Capital.
Gadgetwood, which was launched in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, offers repair and support services for mobiles and tablets across brands.
Besides repairing, it deals in sale of refurbished devices and provides other value-added solutions such as warranties and insurance to new smartphone buyers, and warranty management services to firms selling warranties. Gadgetwood claims it repairs more than 10,000 devices a month.
The gadget and mobile repairing space in the country has attracted several deals in the past. Last month, Gadget and mobile phone repair platform Repaireasy raised its pre-Series A round from a consortium of international and domestic investors.
Servify, which offers brand-authorised after sales support services for electronic gadgets, too, raised an undisclosed amount in its pre-Series A funding from Blume Ventures and two German firms in April this year.
Mumbai-based HandyHome, which was acquired by app-based consumer service marketplace UrbanClap, also allows users to book brand-authorised repairs and other services for electronic appliances online.
In the wider home services space, startups such as Zimmber, HouseJoy and others offer repair services for electronic appliances through their marketplace platforms, though not necessarily through tie-ups with brands.
Carpediem’s debut fund
Carpediem Capital Partners that was floated by executives of India Equity Partners (IEP) and its portfolio firms has mopped up two-thirds of the target amount in its debut mid-market-focused private equity fund. It is likely going to mark its final close at Rs 225 crore ($33.5 million) by end of September.
The fund, which is aiming to wrap up the fundraising with money from local investors only, will invest in at least seven companies from this fund.
In December last year, the fund had sealed its second deal with Pune-based processed food maker Adinath Agro Processed Foods Pvt. Ltd.
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