Bengaluru-based ecommerce portal for second-hand and factory seconds goods GoZefo, run by Zero Effort Technologies Pvt. Ltd, has raised about $6 Mn (INR 40 Cr) in a funding round led by Sequoia India. BEENEXT and existing investor Helion Ventures also participated in the round.
With this move Abheek Anand, Principal Partner, Sequoia Capital India Advisors, has joined the company’s board.
The startup plans to spend the funds raised on its plan to tap the value conscious online customer. The funding would allow Zefo to diversify into new geographies and categories beyond furniture and appliances. It will also invest in building technology and hiring talent.
GoZefo was founded in 2015 by Arjit Gupta, Rohit Ramasubramanian, Himesh Joshi, and Karan Gupta. Users can buy and sell second-hand and factory seconds furniture and appliances on the platform. It currently operates in Bengaluru, Mysuru, Delhi-NCR, and Mumbai.
Talking about the development, Rohit Ramasubramanian, co-founder and CEO of GoZefo said, “We are building a one-stop destination for buyers looking for affordable verified goods, with the promise of a buy-back, as well as for sellers who are evaluating liquidating excess inventory or launching exchange programme.”
Abheek Anand, principal, Sequoia Capital India Advisors said, “GoZefo’s USP lies in its ability to bring the element of trust, reliability, and convenience in a market where these have been largely ignored.”
In Septemebr 2016, competitor Pepperfry raised about $31 Mn (INR 210 Cr) in a fresh round of funding from Goldman Sachs, Bertelsmann India Investments (BII), Norwest Venture Partners (NVP), and Zodius Technology Fund. The start up mainly competes with portals like Urban Ladder and FabFurnish etc.
The development was reported by ET.