MobiGarage, a Delhi-based B2B e-commerce platform for refurbished smartphones, on June 12, announced it has raised an undisclosed amount as part of its pre-series A round. The round was led by leading US venture capital fund SOSV ($970 million AUM), which also saw participation from Australia-based VC Artesian, Inflection Point Ventures, Singapore-based MobAvenue, AppyHigh Technology LLP, LetsVenture (Led by Veda.vc), and prominent HNIs include Nikhil Aggarwal, Mrunal Jhaveri, Priyanka Chawla, Nitin Uppal, Rishabh Bhatia, Saurabh Gupta, and Amit Anand, reported Mint.
The company said that it will use the capital for product development and penetration in Tier II and Tier III retail markets, and plans to expand to 20 cities in the next 12 months. The company saw a growth of 300% during the pandemic.
Founded in 2017, MobiGarage is an eCommerce platform for refurbished electronics. Having reached profitability within three years, MobiGarage claims that it is innovating the $40 billion dollar smartphone market by disrupting the second-hand mobile supply chain, selling refurbished smartphones with certified components and warranties that are 70 percent cheaper than new smartphones.
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“More than 500 million people will get on the internet for the first time in the next three years in India, mainly through low-cost refurbished smartphones. Having found product-market fit and is already profitable, MobiGarage is all set to bring those 500 million people on the path towards digitization,” said Pulkit Kapoor, Co-founder of MobiGarage.
“India is already one of the largest smartphone markets in the World. Tier 2 and 3 cities are contributing a majority of new smartphone shipments. MobiGarage has the potential to become India’s most trusted brand in the second-hand smartphone category,” said Ankur Mittal, co-founder, Inflection Point Ventures, adding that the company has the potential to conquer the MENA region in the next 2+ years as well.
The startup is looking to extend its retail and franchise partnerships across India in lower-tier markets in the next few months.
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