New Delhi-based smartphone refurbishing startup Yaantra has raised a whopping Rs. 20 crore ($3.1 million) in a bridge funding round from its existing investors Carpediem Capital Partners and Duane Park.
Launched in April 2013, Yaantra started as Gadgetwood with an idea of offering smartphone users in India a dependable technical support and quality repair services in consumer electronics. It is backed by a knowledgeable and certified team of resources who service customers both online and directly at their doorsteps.
Founded by Jayant Jha, Ankit Saraf and Anmol Gupta, Yaantra sells refurbished multi-brand smartphones with warranty. The startup provides on-demand multi-brand smartphone repair services across Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad and Ahmedabad.
According to Jayant Jha, CEO at Yaantra, the funding raised will be used for expanding the startup’s presence to 25 tier-II cities by next year. He is also hopeful that the fresh round will help boost the firm’s relationship with key partners and help maximise the impact of its offerings.
Anurag Bhargava, founder of Duane Park has similar point of view to offer and says, “Equity infusion at this juncture will help Yaantra explore other key financing and strategic relationships. “
In 2016, Yaantra had raised a whopping Rs. 39 crore ($6 million) from Carpediem Capital Partners and Duane Park in its Series A funding. Prior to this, it had raised an undisclosed amount from angel investors of Indian Angel Network including HCL’s Ajai Chowdhry, North India Sotheby’s International Realty’s Ashvin Chadha and ApnaCircle.com’s Yogesh Bansal, among others.
Carpediem, India’s leading private equity fund manager is focused on the Indian consumption opportunity through investments in emerging SME leaders. Often the only or largest institutional investor, Carpediem Capital provides much needed growth capital, and actively drives forth the transformation agenda to co-build companies.
This development was first reported in VCCircle.
[Image: BW Disrupt]