MobiGarage (1), Delhi-based mobile hardware, and service startup, has recently secured funding from SOSV, a US venture capital fund, for its ongoing series A round. Notably, the firm has gained a 30% monthly growth rate and 400% overall since the lockdown.
The ecommerce platform for a refurbished electronic device, founded in 2017, has reached the profitability within 3-years since its inception. The company claims that it is disrupting the 40 billion dollar smartphone market and second-hand phone supply chain. The platforms sell refurbished smartphones with warranty and certified components. Notably, refurbished phones are 70% cheaper compared to new phones.
The startup will utilize the fresh infusions to develop its products and penetrate deeper into Tier-II and Tier-IIO retail market. MobiGarage is planning to expand to over 20 cities across India in the upcoming 12-months. The company aims to close the current fundraise in forthcoming months. The startup is gaining profits, claims the founders.
MobiGarage is a Profitable Venture, Claims Founders
Pulkit Kapoor, a co-founder of MobiGarage, stated that over 500 million people India would come onboard on the internet for the first time in the upcoming 3-years. The mass would mainly come via low-cost refurbished smartphones. MobiGarage is all set to bring over 500 million people to embark on the digitization path with its product-market-fit and profitable platform.
Cashify, a competitor of MobiGarage, stated in its fourth USer Behavior annual study about the pre-owned smartphone market that 32% of participants in a survey bought refurbished devices. People purchased to meet the remove working requirement due to the COVID-19 and approximately 26% for educational and other needs.
William Bao Bean, the SOSV General Partner, Managing Director of MOX, the Mobile Only Accelerator, stated that India is an emerging market for electronics. Especially in its Tier II and Tier III cities, the primary enabler of its economic growth.
The Delhi-based startup caters to over 100,000 smartphones a year. It caters to the end-user customer via its online medium or e-commerce marketplace on MobiGarage.com. The firm is also available offline via their unique hub and spoke model that covers the multi-billion dollar market of Tier II, Tier III, and Tier IV markets of India
Author: Rucha Joshi
Source : https://timesnext.com/mobigarage-secures-funding-from-sosv/
Date : 2020-09-25T11:36:19.000Z