Qarmatek, a pioneering refurbished and renewed electronics category, announced that it has raised $3 Million in a funding round led by GVFL (Gujarat Venture Finance Limited) and Caspian Debt. In the preliminary stage, the funds will be utilized towards – expanding and digitizing operational capabilities, to scale across key domestic markets and to foray into B2C operations with MOBEX, a brand by Qarmatek that is emphatically customer centric.
“Qarmatek is re-inventing the wheels of repair and refurbish industry and we are excited to support such a dynamic organization. They are not only encouraging the use and utilization of old electronics but are also harboring the agenda of reducing E-Waste and making our society more conscious even as we push the consumption story for India. Together, we aim to help them expand their footprint and digital presence across the country,” said. Mr. Mihir Joshi, GVFL.
Krunal Shah, co-founder and director, Qarmatek said, “We are thrilled with the support we have received from GVFL & Caspian Debt as we unfold the next phase of our journey. With this round of capital infusion in the business, we look forward to accelerating our ability to serve more customers effectively and swiftly. Today, we as a business can fulfill 200,000 repairs per month but we are geared to take this to half a million repairs per month by the end of the ongoing calendar year. Our focus is to stay ahead of the curve and with our expansion plans underway we are geared to become a future-ready organization with an interplay of advanced technology, enhanced customer experience and sustainability at the heart of all our efforts.”