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, 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."
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