Gone are the times when you had to go and look for corner shops for the mobiles as found in times when mobiles came to society. Yaantra a mobile repair and refurbishment Startup earlier known as Gadgetwood founded in 2013 by Jayant Jha, Ankit Saraf, and Anmol Gupta has established a firm hold in the industry and gone for the another round of funding of $3.1 Mn funding.
In 2016, Yaantra had raised %6 Mn funding from Carpediem Capital in September 2016. The total funding of the company is about $10 Mn.
Yaantra sells refurbished multi-brand smartphones with warranty across India. Along with this, they also provide on-demand multi-brand smartphone repair services across Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad, and Ahmedabad.
According to the official statement from Yaantra, around 700 people are employed all over the branches and claims to refurbish over 100K smartphones in a month.
Jayant Jha, co-founder of Yaantra claims that they have been growing profitably from the time of inception and expanded to all the major cities and is planning to expand to Tier 2 cities with a target of 25 cities by 2018.
This certainly is one area where in companies can be assured of growth and generation of the economy as it is with respect to smartphones which has become a need to every individual in the society. With repair at hand and also with resale options this industry is estimated to generate revenues up to $19.7 Bn in 2017 and reach up to $40 bn by 2025 as per PMR(Persistence Market Research) report by the US-based research firm.
With the recent round of funding, Yaantra is looking to expand its base to other cities also to strengthen its position as they are in direct competition with JustLikeNew, Greendust, Blubirch, Cashify to just name a few.