Refurbished electronics startup, Qarmatek said it has raised $3 million (around Rs 23 crore) in a funding round led by GVFL (Gujarat Venture Finance Limited) and Caspian Debt.
In the preliminary stage, the fresh capital will be deployed for expanding and digitising operational capabilities, scaling across key domestic markets, and foraying into business-to-consumer (B2C) operations with MOBEX, a customer-centric brand by Qarmatek. It also intends to use a portion of the fund towards developing the infrastructure, the company said in a statement.
"With this round of capital infusion in the business, we look forward to accelerating our ability to serve more customers effectively and swiftly. Appreciating this marvellous breakthrough, we aim to strive towards creating a better workplace environment for all our 800+ family members and focus on their personal as well as professional growth," said Krunal Shah, Co-Founder and Director, Qarmatek.
Founded in 2011, Qarmatek serves customers by working closely with all major electronic brands to offer a seamless repair experience. According to the company's statement, the startup has a network of around 4000 smartphone retailers in Gujarat to alleviate their day-to-day operations of sales via e-commerce platforms and offline channels.
The company plans to scale up this network into major cities, and aims to procure more than one lakh partners within the next couple of years, the statement said.
“Through refurbishment and encouraging reuse, Qarmatek not only reduces the e-waste in the environment but also minimizes CO2 emissions which would otherwise go in the production of new phones. The company also makes it possible for the aspirational Indian consumer to own coveted brands and devices in nearly-new condition at affordable prices. They have shown exemplary growth over the years, and we are excited to participate in their journey ahead,” said Avishek Gupta, Managing Director and CEO, Caspian Debt.