Electronics Restoration & Refurbishing Start-up Qarmatek Garners $3 million from GVFL & Others
Electronics Restoration & Refurbishing Start-up Qarmatek Garners $3 million $3 Million from GVFL & Others
In a Series A fundraising round headed by GVFL (Gujarat Venture Finance Limited) and Caspian Debt, electronics restoration and refurbishing business Qarmatek garnered $3 million.
Qarmatek began as a B2B electronics repair and refurbishment partner for major device manufacturers in 2011, when Krunal Shah and Arun Hattangadi founded the company in 2011. For starters, they worked for OEMs, repairing set-top boxes and remote controls.
In a month, the company repairs over 200 thousand devices, including phones, laptops, televisions, refrigerators, washing machines, speakers, headphones, and other items.
MOBEX, the company's newly created B2C refurbished and renewed electronics marketplace, will be used to fund the growth of the newly raised capital.
Krunal Shah said, “200k devices, those are 200k devices that are not ending up in landfills or 200k devices that do not have to be replaced by brand new devices unnecessarily, saving precious and scarce resources.”
Globally, 53.6 million metric tonnes (Mt) of electronic garbage was created in 2019, up 21% in only five years, according to the United Nations' global e-waste monitor. According to the same research, by 2030, this amount will have risen to 74 Mt.
E-waste is the fastest-growing home waste stream, driven by rampant consumption and disposal of electronics that are beginning to wear out due to planned obsolescence and repairability difficulties.
Manufacturers ensure that a current version of a product will become out-of-date or obsolete within a certain time frame, allowing them to maximise profits by forcing buyers to replace their older product with a new one.
MOBEX will provide its repair services through a variety of channels, according to Shah, “once your product goes out of warranty, it is expensive to get it repaired at an authorised repair store. MOBEX can help you there as well, with service that will have a quality equivalent to the OEMs.”
Recykal, a cloud-based trash management and processing firm, raised $22 million in a fundraising round headed by Morgan Stanley India and including Circulate Capital and several angel investors last week.
In a Series A fundraising round headed by GVFL (Gujarat Venture Finance Limited) and Caspian Debt, electronics restoration and refurbishing business Qarmatek garnered $3 million.
Qarmatek began as a B2B electronics repair and refurbishment partner for major device manufacturers in 2011, when Krunal Shah and Arun Hattangadi founded the company in 2011. For starters, they worked for OEMs, repairing set-top boxes and remote controls.
In a month, the company repairs over 200 thousand devices, including phones, laptops, televisions, refrigerators, washing machines, speakers, headphones, and other items.
MOBEX, the company's newly created B2C refurbished and renewed electronics marketplace, will be used to fund the growth of the newly raised capital.
Krunal Shah said, “200k devices, those are 200k devices that are not ending up in landfills or 200k devices that do not have to be replaced by brand new devices unnecessarily, saving precious and scarce resources.”
Globally, 53.6 million metric tonnes (Mt) of electronic garbage was created in 2019, up 21% in only five years, according to the United Nations' global e-waste monitor. According to the same research, by 2030, this amount will have risen to 74 Mt.
E-waste is the fastest-growing home waste stream, driven by rampant consumption and disposal of electronics that are beginning to wear out due to planned obsolescence and repairability difficulties.
Manufacturers ensure that a current version of a product will become out-of-date or obsolete within a certain time frame, allowing them to maximise profits by forcing buyers to replace their older product with a new one.
MOBEX will provide its repair services through a variety of channels, according to Shah, “once your product goes out of warranty, it is expensive to get it repaired at an authorised repair store. MOBEX can help you there as well, with service that will have a quality equivalent to the OEMs.”
Recykal, a cloud-based trash management and processing firm, raised $22 million in a fundraising round headed by Morgan Stanley India and including Circulate Capital and several angel investors last week.
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