Mobile repair and refurbishing startup Yaantra has raised a fourth round of equity funding of $3.1 million led by Carpediem Capital Partners and Duane Park.
Yaantra was initially funded by Carpediem Capital Partners and Duane Park and the current infusion of $3.1 million takes its total funding to about $10million so far.
Delhi-based Yaantra is in the business of repair and refurbishing of mobile phones and is a Delhi based company. They undertake multi-brand repairs and has over 700 employees spread over seven major cities across India.
The freshly infused funds will be used to expand Yaantra’s geographic base from 7 cities to 25 cities.
“We have been growing profitably and at over 25% m-o-m in sales. Yaantra expanded its presence to all major cities in India, and started with expansion to Tier 2 cities and are targeting presence in 25 cities by 2018. 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. This round of capital infusion will further boost relationship with our key partners and help maximize the impact of our offerings for our customers, especially around the festive season of Diwali.” said Jayant Jha, co-founder and CEO, Yaantra.
Yaantra was founded by Jayant Jha, Ankit Saraf and Anmol Gupta in 2013 and boast of a capacity to repair and refurbish 100, 000 phones per month. The name of the venture was Gadgetwood, but later changed to Yaantra.
On the prospects for this segment, it is estimated that the worldwide market for refurbished smartphones is currently at the level of around $20billion and is expected to double to $40 billion by the year 2025.
The prospects for Yaantra, therefore, do appear bright and even by their own experience, the startup is clocking an impressive growth if 25% month-on-month in terms of the refurbished phones sold. The company has its own site Yaantra.com, plus there are some 15,000 brick and mortar retail outlets across the country that sell their phones.