The funding will help the company scale operations in tier II cities and rural markets, strengthen the leadership team, build proprietary technologies and analytic engines and launch a focused D2C brand for ‘Bharat’, it said
MobiGarage, a B2B e-commerce platform for refurbished smartphones, on Monday said it has raised funding from US venture capital fund SOSV and others.
The pre-series A round, details of which were not disclosed, also saw participation from Artesian, Inflection Point Ventures, MobAvenue, AppyHigh Technology LLP, and LetsVenture (Led by Veda.vc), a statement said. Prominent HNIs including Nikhil Aggarwal, Mrunal Jhaveri, Priyanka Chawla, Nitin Uppal, Rishabh Bhatia, Soarabh Gupta, and Amit Anand also participated, it added. The funding will help the company scale operations in tier II cities and rural markets, strengthen the leadership team, build proprietary technologies and analytic engines and launch a focused D2C brand for ‘Bharat’, it said.
‘MobiGarage is addressing this multi-billion market gap by providing just-like-new, high-quality refurbished smartphones at a fraction of the cost of new phones, completely removing the biggest hurdle in the consumers’ digital journey,” Munish Vashishat, co-founder of MobiGarage, said.
PTI
Source: Business World
