Qarmatek Raises $3M in Funding Round Led by GVFL and Caspian Debt
Qarmatek, a refurbished and renewed electronics category player, announced that it raised $3 million in a funding round led by Gujarat Venture Finance Limited (GVFL) and Caspian Debt.
In the preliminary phase, the funds will be used to expand and digitize operational capabilities, to expand into major national markets and to embark on B2C operations with MOBEX, a brand of Qarmatek.
MOBEX currently has an extensive network of around 4000 smartphone retailers in Gujarat to ease their day-to-day sales operations through e-commerce platforms and offline channels. This network should be extended to major cities and reach more than 1,000 partners over the next two years.
Krunal Shah, Co-Founder and Director of Qarmatek, said, “We are delighted with the support we have received from GVFL & Caspian Debt as we roll out the next phase of our journey. With this round of capital injection into the business, we look forward to accelerating our ability to serve more customers efficiently and quickly. Today, as a business, we can perform 200,000 repairs per month, but we are working to increase that figure to half a million repairs per month by the end of the current calendar year. Our goal is to stay ahead of the curve and with our ongoing expansion plans, we are poised to become a future-ready organization with cutting-edge technology interaction, enhanced customer experience and sustainability at the heart of all our efforts.
Mihir Joshi, GVFL said, “Qarmatek is reinventing the wheels of the repair and refurbishment industry and we are delighted to support such a dynamic organization. Not only do they encourage the uptake and use of old electronics, but they also aim to reduce e-waste and make our society more conscious even as we push the consumer story for India. Together, we aim to help them expand their digital footprint and presence across the country. »
On top of that, Avishek Gupta, Managing Director and CEO of Caspian Debt, said, “We are delighted to support Qarmatek on its journey of promoting a new era of using repaired and refurbished electronics. Through refurbishment and encouraging reuse, Qarmatek not only reduces electronic waste to the environment, but also minimizes the CO2 emissions that would otherwise go into the production of new phones. The company also enables the ambitious Indian consumer to own coveted brands and appliances in near-new condition at affordable prices. They have shown exemplary growth over the years, and we are excited to be part of their journey ahead.