Delhi-based on-demand repair services & refurbishment startup, Gadgetwood has raised about $6 Mn funding from Carpediem Capital, an India-focussed private equity fund, and its investors.
With this move Abhishek Sharman, founder and Managing Director of Carpediem Capital, will join the board of Gadgetwood.
Speaking about the investment, Jayant Jha, co-founder & CEO, Gadgetwood, said, “India is the second-largest mobile market globally, having sold 100 Mn phones last year, thereby creating a significant opportunity to service these devices. By providing end-to-end solutions for the entire product lifecycle, we aim to become the ‘Most Preferred & Trusted Service Provider’ to our customers, and a leader in the organised consumer electronics repair & refurbishment industry.”
The startup will use the funding towards geographical expansion, creating a nationwide network for servicing mobile devices and selling refurbished products. Gadgetwood is also planning to establish a presence in 10 cities across the country over the next year, and to broaden its repairing capabilities to include, laptops, wearable tech, LED TVs, etc.
Founded in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, Gadgetwood offers repair and support services for mobiles and tablets across all brands. The company also operates in the refurbished device sales markets. It also provides warranties and insurance to new smartphones and warranty management services to warranty selling companies.
According to a company statement, it repairs in excess of 10,000 devices every month and is an authorised service provider for a leading mobile manufacturer.
In April 2015, Gadgetwood had raised an undisclosed amount of funding from different investors like Indian Angel Network (IAN), Ajai Chowdhry of HCL, and few others.