Founded by Yug Bhatia, ControlZ specialises in the component-level renewal of pre-owned devices both cosmetically and functionally, increasing its life cycle
The round was co-led by 9 Unicorn and Venture Catalysts
The funding will be utilised to further fortify its automation excellence while benchmarking towards advanced testing labs on par with OEMs
Renewed smartphone brand ControlZ has secured seed funding of $3 Mn (around INR 24.9 Cr) co-led by 9 Unicorn and Venture Catalysts in a combination of debt and equity infusion.
The startup plans to use the fresh funding to further fortify its automation excellence while benchmarking towards advanced testing labs on par with OEMs to ensure just like new smartphones in the pre-owned category.
Parts of the proceeds will also be deployed to drive growth, elevate the quality of its products and reduce costs for its customers.
Founded by Yug Bhatia, ControlZ specialises in the component-level renewal of pre-owned devices both cosmetically and functionally, increasing its life cycle. It provides consumers with products which look just like new, the brand claimed.
Bhatia said, “With these resources, we aim to further strengthen our technology by automating the complete renewal process. Our efforts are towards increasing the lifecycle of as many devices as possible because if a fraction of the resources used in making new phones were used in renewing, the world would be a better place.”
The funding on the smartphone renewal brand comes at a time when the smartphone industry is bolstering in India with major global makers ramping up their presence in the country.
According to a market study by Canalys, Samsung led the Indian smartphone market in Q3 2023 with a market share of 18% and a shipment of 7.9 Mn units. Xiaomi took up the second position by shipping 7.6 Mn units. The other companies that closely followed were Vivo, Realme and OPPO.
While companies including Apple, Google and Motorola are ramping up to boost manufacturing in the country citing the growth opportunities, the centre was recently reported to be planning to reduce import duties on smartphones in India. However, no developments were reported thereafter.
