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Updated: Foxconn To Invest $70 Mn In Refurbished Goods Retailer GreenDust: Report

Updated: Foxconn To Invest $70 Mn In Refurbished Goods Retailer GreenDust: Report

Update: Hitendra in an emailed response said, “As shared in the article, ET is jumping the gun. I have told them clearly that yes, we are in discussions but nothing is final yet. ET has speculated a lot including our conversation with hedge funds”
Earlier: After making investment in Gurgaon-based Snapdeal, Taiwanese contract manufacturer Foxconn Technology Group is reportedly investing over $65 -$70 Mn in Delhi-based refurbished goods retailer, GreenDust.

Hitendra Chaturvedi, founder of GreenDust has agreed that they were in talks with Foxconn for an investment but nothing has been finalized yet. Greendust is also said to be in late-stage talks with Falcon and Meru Capital for investment.

GreenDust a brand of RLC, refurbishes damaged or defective electronic products and sells them on the portal as well as through offline stores. GreenDust’s customers are the buyers who are continuously on the lookout for factory seconds, surplus, demo, damaged packaging, discontinued and overproduced items. GreenDust negotiates the best prices on such products and pass on the savings to the customers.

The products get GreenDust seal of approval only after a rigorous 50 point quality inspection process. Returns, refurbished market are a $500 Bn opportunity worldwide.

GreenDust, founded in 2008 by Chaturvedi, a former Microsoft executive, has raised over $27 Mn (INR 180 Cr.) in funding till date. Its investors include Lightbox Ventures & Vertex Ventures. It cannot be asserted at the moment whether or not its existing investors will be participating in this round of funding.

The company is valued at somewhere around $240 Mn to $250 Mn ahead of this investment deal.

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