On-demand repair services & refurbishment company, Gadgetwood raises approximately $6 million in funding from Carpediem Capital, an India focused private equity fund, and its investors. Abhishek Sharman, Founder and Managing Director of Carpediem Capital will be joining the board of the company as part of the investment.
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.
Gadgetwood has state-of-the-art repair facilities and its in-house repair capabilities allow the company to offer after-repair warranty on all successful repairs. The company repairs in excess of 10,000 devices every month and is an authorized service provider for a leading mobile manufacturer.
Speaking about the investment, Jayant Jha, Co-Founder & CEO, Gadgetwood, said, “The team at Gadgetwood is committed to high levels of customer service and satisfaction. India is the second largest mobile market globally, having sold 100mn 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 organized consumer electronics repair & refurbishment industry. We plan to utilize this round of funding towards geographical expansion, creating a nationwide network for servicing mobile devices and selling refurbished products. 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. We look forward to the support of Carpediem Capital, while building a credible service organisation providing best in class services for every mobile device in the country.”
Commenting on the investment, Abhishek Sharman, Founder & Managing Director, Carpediem Capital said, “The investment in Gadgetwood is very much in line with Carpediem’s philosophy to invest in emerging leaders in the organized services category. The repairs & refurbishment market in India is highly fragmented and unorganized, 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 Gadetwood 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.
