Mumbai: Carpediem Capital Partners and Duane Park – existing investors at Yaantra, have led the fourth round of equity funding of $3.1 million into the company, the company had earlier received $6 million funding in Sep 2016. The company has to date raised approximately $10 million from investors.
Yaantra sells refurbished multi-brand smartphones with warranty across India and provides on-demand multi-brand smartphone repair services across New Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad, and Ahmedabad. The company has a capacity of repair and refurbish over 100,000 smartphones per month, employs over 700 people, and continues to grow rapidly and profitably. It was an early mover in this niche category and has since consolidated its position as the pan-India leader by far. Yaantra was founded in 2013, by three young entrepreneurs Jayant Jha, Ankit Saraf and Anmol Gupta.
“We have been growing profitably and at over 25% m-o-m in sales. Yaantra expanded its presence to all major cities in India, and started with expansion to Tier 2 cities and are targeting presence in 25 cities by 2018. We want to provide our customers comprehensive solutions around smartphones and similar gadgets. These include refurbished devices, warranties, quality repair services, easy financing options, and reliable accessories. This round of capital infusion will further boost relationship with our key partners and help maximize the impact of our offerings for our customers, especially around the festive season of Diwali.” said Jayant Jha, co-founder & CEO, Yaantra.
“Yaantra has significantly differentiated itself and is years ahead than the nearest competition. It is the major player collaborating with leading marketplaces, OEM’s and distributors selling smartphones. Company has also built and benefitted out of its proprietary sales channels like its e-commerce portal Yaantra.com and pan-India retailer network with over 15,000 retailers on-board. Equity infusion at this juncture will help Yaantra explore other key financing and strategic relationships. We are excited to be backing this growth story”, said Anurag Bhargava of Duane Park Private Limited and chairman Yaantra.
Abhishek Sharman, founder & MD – Carpediem Capital Partners said that “Yaantra has established a superior and the largest in-house repair capabilities for smartphones forming the backbone of its different solutions it provides to the customers today. Its business has witnessed explosive growth, driven by strong execution of its agreed strategy by the management team and efficient utilization of the invested capital. Carpediem continues to support Yaantra as it looks to set new benchmarks in this industry segment”.