QarmaTek, an electronics renewal and refurbishment firm, has raised $1 million (Rs 8.3 crore) in a pre-Series A round headed by Umang Nahata, Rakesh Raman, and Vishal Makwana.
It has raised a total of $4.11 million to date. In 2021, it raised $3 million from Gujarat Venture Finance, Caspian Debt, and other investors.
The company stated in a press release that the revenues will be used to expand into new electronics categories, increase operations, and grow geographically. Qarmatek, formed in 2011 by Krunal Shah and Arun Hattangadi, specializes in B2B retail and after-sales repair services for electronic equipment.
The company provides multi-brand repair, refurbishment, call center, network and logistics services, and customized and predictive solutions for electronic devices such as smartphones, laptops, home appliances, and appliance brands. The Ahmedabad-based company aspires to promote sustainability by renewing and refurbishing electronic equipment. This reduces e-waste and contributes to a circular economy.
According to the Central Pollution Control Board, India generates 1.71 million metric tons of e-waste, whereas the globe generates 59.40 million metric tons. According to a KPMG and ASSOCHAM study, computer equipment accounts up about 70% of India’s e-waste, followed by telecom/phones (12%), electrical equipment (8%), and medical equipment (7%).
QarmaTek™ Services Pvt. Ltd. was founded in September 2011 by two technocrats who saw a significant void in the organized repair market. They became an after-sales support partner for major electrical appliance and mobile phone brands, providing repairs and refurbishments.
Its unique, integrated centralized repair business strategy allowed it to establish an API level link with major companies. QarmaTek™ has grown rapidly and now has facilities in Ahmedabad, Mumbai, Kolkata, and Bengaluru. With one of the industry’s lowest TATs of 7 days, it ensures complete process automation, transparency, and dependability for both clients and their consumers.
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