Qarmatek, a refurbished and renewed electronics category player, announced that it has raised $3 million in a funding round led by Gujarat Venture Finance Limited (GVFL) and Caspian Debt.
In the preliminary stage, the funds will be utilised towards expanding and digitising operational capabilities, to scale across key domestic markets and to foray into B2C operations with MOBEX, a brand by Qarmatek.
MOBEX has an expansive network currently of around 4000 smartphone retailers in Gujarat to alleviate their day-to-day operations of sales via E-commerce platforms & offline channels. This network is planned to be scaled up into major cities and reach more than 1 lakh partners within the next couple of years.
Krunal Shah, co-founder and director, Qarmatek said, “We are thrilled with the support we have received from GVFL & Caspian Debt as we unfold the next phase of our journey. With this round of capital infusion in the business, we look forward to accelerating our ability to serve more customers effectively and swiftly. Today, we as a business can fulfill 200,000 repairs per month but we are geared to take this to half a million repairs per month by the end of the ongoing calendar year. Our focus is to stay ahead of the curve and with our expansion plans underway we are geared to become a future-ready organisation with an interplay of advanced technology, enhanced customer experience and sustainability at the heart of all our efforts.”
Mihir Joshi, GVFL, said, “Qarmatek is re-inventing the wheels of repair and refurbish industry and we are excited to support such a dynamic organization. They are not only encouraging the use and utilization of old electronics but are also harbouring the agenda of reducing e-waste and making our society more conscious even as we push the consumption story for India. Together, we aim to help them expand their footprint and digital presence across the country.”
Adding on to this, Avishek Gupta, managing director & CEO, Caspian Debt, said, “We are delighted to support Qarmatek in their journey of promoting a new era of using repaired and refurbished electronics. 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 production of new phones. The company also makes it possible for the aspirational Indian consumer to own coveted brands and devices in near new condition at affordable prices. They have shown exemplary growth over the years, and we are excited to participate in their journey ahead.”