Used Furniture And Appliances Platform Zefo Raises $9.2 million From Sequoia, Others

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.

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Indian Second Hand Goods Marketplace Zefo Raises Rs 40 Cr in Series A Funding

Zefo, an online marketplace specializing in second hand and factory second furniture and appliances, has announced that it has raised INR 40 Cr in a round led by Sequoia India, with participation from Beenext and existing investor Helion Ventures. The company provides high-quality used goods that are verified through a stringent quality control and assessment process.

The latest funding will allow Zefo to diversify into new geographies and categories and extend its reach in existing categories. It will also use this fund to invest in technology and build a talent pool.

Zefo promises a completely hassle-free and professional used goods shopping experience to buyers and sellers. Unlike existing online classifieds, they provide a high degree of standardization through quality checks as well as managing end-to-end logistics, in an otherwise unorganized sector, thereby adding a layer of trust and convenience to this unstructured second hand goods market. To sellers, Zefo provides a fair price, upfront cash, flexible pickups and a completely hassle-free and professional experience.

“The household goods are a $40-50bn marketplace and the market is growing rapidly. Zefo is currently growing at a rate of 40% every month. Since our launch, we have already served 30,000+ customers, selling 400-500 products a day. Our ambition is to expand into new categories and cities in the next one year and to be the preferred shopping destination for used goods”, says Rohit Ramasubramanian, co-founder of Zefo.

Our proposition of high-quality products at an affordable price is finding tremendous validation in a rapidly expanding market for second hand consumer durables in India. We cater to the needs of today’s smart consumer looking for a quality lifestyle at a reasonable price.” he added.

“Zefo’s USP lies in its ability to bring the element of trust, reliability, and convenience in a market where these have been largely ignored. Their exceptional net promoter score is a testament to how well the service is resonating with both buyers and sellers on the platform”, according to Abheek Anand, Principal, Sequoia Capital India Advisors.

With services are available in Bangalore, Mysore, Delhi, Gurgaon, Noida and Mumbai, the company currently offers televisions, refrigerators, washing machines and microwaves under the appliances category and beds, sofas, dining tables, etc. in the furniture category.