The online recommerce company, ReGlobe has raised an undisclosed amount of funding led by Silicon Valley-based investor, Bessemer Venture Partners and Mumbai based angel and seed venture fund, Blume Ventures.
Though the amount of funding is not officially disclosed, but, it is estimated to be about $1 Mn (about INR 6.3 Cr).
Founded in 2013, by Nakul Kumar and Mandeep Manocha, Reglobe, provides an online platform to the customers to sell old or used electronic gadgets like laptops, mobile phones and tablets.
How does ReGlobe Work?
- The seller platform of ReGlobe helps user to calculate the current worth of their gadgets through a screening of objective questions.
- It then quotes certain price for sale for the customer to agree upon.
- After which ReGlobe arranges for a pick-up of the device and pays the money via cash or bank transfer.
- It then wipes off all the data from the device making it undergo certain security checks.
- The devices which are bought are refurbished and sold in the second hand market through a dealer network and their own online store.
Mandeep Manocha, co founder, ReGlobe, said, “We’ve built an ecosystem where the seller really doesn’t have any pain points. We help with the price discovery, get a buyback price and ensure the device is sold within 24 hours.
ReGlobe plans to utilize the funds to build on its technology platform, increase its partners and outreach to a number of cities in the country. Presently the startup has its presence across 15 cities in India.