Refurbished eCommerce Platform Zefo Raises US$9.2Mn From Sequoia, Helion And Others
An early stage eCommerce startup, Zefo, has recently raised a whopping Rs. 60 crore ($9.2 million) in Series B funding led by its existing investors Sequoia India and Helion Venture Partners. Singapore-based Bennett and a fund launched by Japanese e-commerce entrepreneur and investor Teruhide Sato also participated in this round.
The raised capital will be used in strengthening its core operations including warehousing and logistics as well as to expand its product and technology team of its newly launched mobile phones business.
Zefo is an eCommerce platform committed to giving buyers and sellers an absolutely hassle free used goods (refurbished furniture and appliances etc.) shopping experience. Unlike most options out there, one can sell on Zefo within minutes and get cash upfront for their products. As a buyer, you get a transparent eCommerce experience at incredible value for your money.
Zefo was founded in 2015 by Arjit Gupta, Rohit Ramasubramanian, Himesh Joshi, and Karan Gupta in Bengaluru.
According to information available on Crunchbase, Zefo has raised almost $16 million till date. This includes the recent Series B funding, the Series A funding the startup raised last year and earlier funding.
Currently operating in Bangalore, Mumbai and Delhi NCR, Zefo claims to have served 150,000 customers since it started out in 2015. It currently lists over 10,000 products.
“Sequoia India is very pleased with how Zefo has addressed a white-space in the online used commerce market. This is a massive, underserved market where current alternatives do not work well in the Indian context. Zefo’s managed marketplace approach appeals to both buyers and sellers and their strong growth is a testament to the product-market fit that they have achieved,” said Sequoia Capital India Advisors Abheek Anand principal in a statement about its latest investment.
The platform sets itself apart from several other companies floating in India’s e-commerce sector currently by focusing its attention on secondhand items in three categories: furniture, home appliances and mobile phones.
Instead of functioning as a peer marketplace, Zefo provides potential sellers with a quote after a quality check, and pays them in cash if the offer is accepted and then picks up the items right from their door. Before being listed on Zefo, the products are refurbished by the startup and the buyers are provided a return policy and a buyback guarantee of up to 70 per cent.