Electronics renewal & refurbishment startup QarmaTek raised $1 M Pre-series A funding
Pre-Series A funding totalling $1 million (about Rs 8.3 crore) has been secured by QarmaTek, an electronics renewal and refurbishment startup led by Umang Nahata, Rakesh Raman, and Vishal Makwana.
To date, Qarmatek has raised $4.11 million in funding. It raised $3 million in 2021 from Caspian Debt, Gujarat Venture Finance, and other sources.
According to a press release from QarmaTek, the money will be used to scale operations, increase geographical reach, and enter new markets for updated electronics.
Arun Hattangadi and Krunal Shah co-founded Qarmatek in 2011 to offer after-sale repair services for electronic products and to operate in the B2B retail market segments. For electronic devices such as laptops, smartphones, home appliances, and appliance brands, the company provides customized and predictive solutions, call center services, multi-brand repair services, refurbishment services, network and logistics services, and more.
Through renewal and refurbishment, the Ahmedabad-based company hopes to extend the lifecycle of electronic products, thereby reducing e-waste and promoting a circular economy.
India produces 1.71 million metric tons of e-waste annually, compared to 59.40 million metric tons globally, according to the Central Pollution Control Board. Computer equipment makes up nearly 70% of India’s e-waste, according to a KPMG and ASSOCHAM study. Telecom and phones come in second with 16%, electrical equipment with 8%, and medical equipment with 7%.
