Qarmatek Seeks To Capitalise On Electronics Renewal And Refurbishment Space With Fresh Round

By Inc42 Media

SUMMARY

The company has secured $1 Mn in an undisclosed funding round from a clutch of investors

Founded by Krunal Shah and Arun Hattangadi in 2011, Qarmatek claims to offer end-to-end service management and refurbishment for major electronics appliances and mobile phones

Prior to this, in January 2022, Qarmatek raised $3 Mn (around INR 25 Cr) in a Series A funding round led by Gujarat Venture Finance Limited (GVFL) and Caspian Debt

Electronics renewal and refurbishment startup Qarmatek has secured $1 Mn (around INR 8 Cr) in an undisclosed funding round from a clutch of investors, including Orange Orbit’s managing partner Umang Nahata and Texspin’s director Vishal Makwana.

The Ahmedabad-based company will deploy the fresh proceeds for scaling up its operations and categories in the renewed electronics segment as well as expanding geographically. 

“The funds will be pivotal in expanding our footprint into newer categories of electronics, especially consumer appliances, which is a largely unexplored and unorganised sector in India. Our commitment to sustainability and the circular economy remains at the core of everything we do, and we are excited to further our impact with this new investment,” said Qarmatek’s cofounder, Krunal Shah.

Founded by Shah and Arun Hattangadi in 2011, Qarmatek claims to offer end-to-end service management and refurbishment for major electronics appliances and mobile phones. 

As per company’s website, initially it repaired set-up boxes and then gradually developed its in-house enterprise resource planning (ERP) arm, shERPa in 2013.

Prior to this, in January 2022, Qarmatek raised $3 Mn (around INR 25 Cr) in a Series A funding round led by Gujarat Venture Finance Limited (GVFL) and Caspian Debt. Back then, the company deployed its funds to grow its newly-made B2C mobile phone repair brand, MOBEX.

The development comes at a time when Indian tech startup space is garnering a lot of traction from investors. 

As per Inc42 report, Indian tech startup space raised around $2 Bn in the first quarter of 2024. The fintech and enterprisetech sectors bagged the most funds.

However, this shows an year-on-year decline in the total funding by 33% compared to $3 Bn raised in Q1 2023.

Source: Inc42 Media