Smartphone Repairing & Refurbishment Startup Yaantra Raises US$3.1Mn From Carpediem And Duane Park
Smartphone repairing & refurbishment startup, Yaantra earlier Gadgetwood, has raised a whopping INR 20 crore (US $3.1 million) in a bridge funding round from its existing investors Carpediem Capital Partners and Duane Park.
With the recent round of funding, the startup will look to strengthen its position against other Indian players in the mobile repair and refurbished sale space including Greendust, JustLikeNew, Blubirch, Reboot, Budli and Cashify.
Startup was launched in April 2013, with an idea of offering smartphone users in India a dependable technical support and quality repair services in consumer electronics.
Founded by Jayant Jha, Ankit Saraf and Anmol Gupta, Yaantra sells refurbished multi-brand smartphones with warranty. The startup provides on-demand multi-brand smartphone repair services across Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad and Ahmedabad.
According to Jayant Jha, CEO at Yaantra, the funding raised will be used for expanding the startup’s presence to 25 tier-II cities by next year. He is also hopeful that the fresh round will help boost the firm’s relationship with key partners and help maximise the impact of its offerings.
Anurag Bhargava, founder of Duane Park has similar point of view to offer and says, “Equity infusion at this juncture will help Yaantra explore other key financing and strategic relationships. “
“The company has also built and benefited out of its proprietary sales channels like its e-commerce portal Yaantra.com and pan-India retailer network with over 15,000 retailers on-board. Equity infusion at this juncture will help Yaantra explore other key financing and strategic relationships. We are excited to be backing this growth story”, said Anurag Bhargava of Duane Park Private Limited and Chairman Yaantra.
In 2016, Yaantra had raised a whopping Rs. 39 crore ($6 million) from Carpediem Capital Partners and Duane Park in its Series A funding. Prior to this, it had raised an undisclosed amount from angel investors of Indian Angel Network including HCL’s Ajai Chowdhry, North India Sotheby’s International Realty’s Ashvin Chadha and ApnaCircle.com’s Yogesh Bansal, among others.
Carpediem, India’s leading private equity fund manager is focused on the Indian consumption opportunity through investments in emerging SME leaders. Often the only or largest institutional investor, Carpediem Capital provides much needed growth capital, and actively drives forth the transformation agenda to co-build companies.
Other refurbished products startup in almost matching range is Zefo.