Abhishek Sharman, Founder and MD of Carpediem Capital, will be joining the board of the company as part of the investment.
The company plans to utilise this round of funding towards geographical expansion, creating a nationwide network for servicing mobile devices and selling refurbished products.
Founded in 2013, by three young entrepreneurs Jayant Jha, Ankit Saraf and Anmol Gupta, GadgetWood offers the Indian consumer reliable repair and support services for mobiles and tablets across all brands. The company also operates in the refurbished device sales markets.
Other value-added solutions offered by GadgetWood include warranties and insurance to new smartphone buyers, and warranty management services to warranty selling companies.
Jayant Jha, Co-Founder & CEO, GadgetWood, said, “India is the second largest mobile market globally, having sold 100 million phones last year, thereby creating a significant opportunity to service these devices. By providing end-to-end solutions for the entire product lifecycle, we aim to become the ‘most preferred & trusted service provider’ to our customers, and a leader in the organised consumer electronics repair & refurbishment industry. We intend to establish a presence in 10 cities across the country over the next year, and broaden the scope of our repairs capabilities to include laptops, wearable tech, LED TVs, etc.”
The company repairs in excess of 10,000 devices every month and is an authorised service provider for a leading mobile manufacturer, said a press statement from the company.
Commenting on the investment, Sharman said, “The repairs & refurbishment market in India is highly fragmented and unorganised, and there is a significant opportunity for a company like GadgetWood to create a scalable business servicing a large gap in the industry. Since their inception, the company has strived to become the category leader in the markets in which it operates. Furthermore, we believe that the GadgetWood team is driven to provide every customer a fulfilling experience with the most personal device in the customer’s life.”
Carpediem Capital’s earlier investments include Adinath Agro and Briyani Blues.
Source: Business Standard