Smartphone refurbishing startup Yaantra has raised $3.1 million its fourth round of funding from its existing investors Carpediem Capital Partners and Duane Park.
With the latest round of funding, the company has till date raised a total of $10 million. Yaantra had last raised $6 million from the same set of investors in September 2016. In April 2015, it had raised an undisclosed amount from a bunch of individual investors through Indian Angel Network.
Commenting on the development Jayant Jha, CEO at Yaantra said, “We want to provide our customers comprehensive solutions around smartphones and similar gadgets. These include refurbished devices, warranties, quality repair services, easy financing options, and reliable accessories.”
Yaantra (previously known as Gadgetwood) was founded in 2013, by three young entrepreneurs Jayant Jha, Ankit Saraf and Anmol Gupta.
Yaantra sells refurbished multi-brand smartphones with warranty across India and provides on-demand multi-brand smartphone repair services across New Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad, and Ahmedabad. The company has a capacity of repairing and refurbishing over 100,000 smartphones per month, employs over 700 people, and continues to grow rapidly and profitably.
According to Jayant, Yaantra has been growing profitably and at over 25% month-on-month in sales. He is hopeful about the fresh capital infusion will further boost relationship with key partners and help maximize the impact of offerings for customers. Further, raised capital will be used for expanding the startup’s presence to 25 tier-II cities by next year.
According to the US-based research firm Persistence Market Research, the global sales of refurbished and used mobile phones are estimated to account for revenues worth $ 19.7 Bn in 2017 which is expected to reach nearly $40 Bn by 2025-end. With the recent round of funding, Yaantra will look to strengthen its position against other Indian players including Greendust, JustLikeNew, Blubirch, Reboot, Budli and Cashify.