Delhi-based Karma Recycling Pvt. Ltd has raised its Series A round of funding from two entities, Infuse Ventures and Low Carbon Enterprise Fund. The financial terms of the deal have not been revealed. Karma Recycling buys old electronic goods from customers for recycling. The company is looking to use these funds to develop its technology as well as expand its consumer and retailer operation pan India. It is currently operational in 24 cities.
Founded by Aamir Jariwala, Karma Recycling has raised a total of $500K since its inception. Aamir said with the mobile sales exploding nearly 200% over past three years, recycling these electronics and various buying back offers solve a number of problems.
Amber Maheshwari, Vice-President, Infuse Ventures said,” The market for used goods and particularly electronics is growing exponentially and there is immense scope to bring many of these back into use. Karma’s strong understanding of the space combined with the efficient back-end processes and logistical capabilities they have built, gives the company a great starting point to address this market opportunity.”
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The company offers pickup-and-cash services, customers only need to enter in the details of the product and a step by step process to assess its value. The products are, repaired and refurbished, then sold to tier-IV cities. It claims that it has recycled over 16000 smartphones, tablets and laptops so far. It has also tied up with Bharti Retail, Apple-authorized stores, Future Group and Sangeetha Mobiles for in-store exchanges, buy-backs, and reverse logistics.
Ewaste industry in India is expected to grow at a CAGR of 30.6% during 2014-2019. Startups like these help in curbing this waste and work towards creating a better environment.
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