Benagluru-based Refurbished furniture and appliance marketplace Zefo has recently revealed that it has raised a whopping Rs. 60 crore ($9.2 million) in Series B funding. The round, which was led by its existing investors Sequoia India and Helion Venture Partners, saw the participation of Singapore-based Bennett, a fund launched by Japanese e-commerce entrepreneur and investor Teruhide Sato.
Zefo is an eCommerce platform committed to giving buyers and sellers an absolutely hassle free used goods shopping experience. Unlike most options out there, one can sell on Zefo within minutes and get cash upfront for their products. As a buyer, you get a transparent eCommerce experience at incredible value for your money.
According to information available on Crunchbase, Zefo has raised almost $16 million till date. This includes the recent Series B funding, the Series A funding the startup raised last year and earlier funding.
Currently operating in Bangalore, Mumbai and Delhi, Zefo claims to have served 150,000 customers since it started out in 2015. It currently lists over 10,000 products.
The platform sets itself apart from several other companies floating in India’s e-commerce sector currently by focusing its attention on secondhand items in three categories: furniture, home appliances and mobile phones.
Instead of functioning as a peer marketplace, Zefo provides potential sellers with a quote after a quality check, and pays them in cash if the offer is accepted and then picks up the items right from their door. Before being listed on Zefo, the products are refurbished by the startup and the buyers are provided a return policy and a buyback guarantee of up to 70 per cent.
“Sequoia India is very pleased with how Zefo has addressed a white-space in the online used commerce market. This is a massive, underserved market where current alternatives do not work well in the Indian context. Zefo’s managed marketplace approach appeals to both buyers and sellers and their strong growth is a testament to the product-market fit that they have achieved,” said Sequoia Capital India Advisors Abheek Anand principal in a statement about its latest investment.
This development was first reported in TechCrunch.