Welcome Guest

Businessex.Com
Home News ReGlobe raises seed fund from Bessemer Venture Partners and Blume Ventures

ReGlobe raises seed fund from Bessemer Venture Partners and Blume Ventures

Tags: ReGlobe, re-commerce, seed fund, Bessemer Venture Partners, Blume Ventures

April 29, 2015 | COMMENTS ( 0 )

ReGlobe raises seed fund from Bessemer Venture Partners and Blume Ventures

ReGlobe, an Indian re-commerce company, has announced that it has secured seed funding led by Bessemer Venture Partners (BVP) and Blume Ventures.

The funding received by ReGlobe is a clear endorsement of its current progress and future prospects, and ambition to become India’s leading re-commerce company.

“ReGlobe.in provides a fast and convenient online platform for customers to sell their old or used electronic gadgets. On the ReGlobe.in platform, users can get a quote for their product within 24 hours, and the company also picks up the product from the consumer’s home,” said the company’s official press release.

Currently, ReGlobe caters to 14 cities in India which include Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Mumbai, Bangalore, Pune, Ahmedabad, Gandhinagar, Baroda, Chennai, Secunderabad and Hyderabad. It plans to expand to 30 cities in the near future. The burgeoning second hand goods market in India backs ReGlobe’s growth. According to a recent report by the Associated Chambers of Commerce and Industry of India, the market for second-hand and recycled products is expected to cross Rs. 1,15,000 crore ($18.4 B) by 2015.

“With ReGlobe we want to ensure that our users get a fair, guaranteed price while maintaining their privacy when they sell second hand goods. Our value proposition in this space is unique and powerful.When users come onto our Sell platform, we provide them an instant quote, free pick-up and cash in hand”, said, Nakul Kumar, Co-Founder, ReGlobe.

He further added, “The second hand goods market grew by 3X in 2014. The funding comes at a strategic time to enable us to scale up on several fronts and take our proposition to more users”.

Aakash Goel from Bessemer Partner Ventures said, “ReGlobe is the Uber for selling pre-owned gadgets. It has created an innovative marketplace to enable consumers sell electronics instantly and at assured prices to merchants dealing in pre-owned gadgets. We are excited to partner with ReGlobe to help the company add to the team, deepen their product offering and accelerate growth.The business has multiple opportunities to expand, and we anticipate that ReGlobe will disrupt the re-commerce space.”

Karthik Reddy, Co-founder and Managing Partner, Blume Ventures, commented, “The ReGlobe team has a deep understanding of the used-goods market from a marketplace and recycling perspective. We met the team of Nakul, Mandeep and Amit after they had already iterated twice and the current business model of organizing a C2B2C marketplace is a powerful one. Their current mobile and laptop resale business is set to expand rapidly to all of the country and multiple product categories. We think they can build the largest organized player in this space in India."

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....