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Gadgetwood secures $6M in funding for geo expansion


Online smartphone repair & after-sales support provider Gadgetwood has raised $6 million in funding from Carpediem Capital, reports the Hindu BusinessLine. The company will use the funding to expand to other cities like Bangalore, Mumbai and Chennai, to overall grow to 10 cities in the next year.

Other than this, the company will also look to hire, and more than double its employee base from 120 to 350. Post funding, Carpediem Capital founder and MD Abhishek Sharman will join Gadgetwood’s board. Prior to this round, the company had raised an undisclosed amount of funding from a clutch of investors including IAN, Yogesh Bansal, Ashvin Chadha and other HNIs.

Founded in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, Gadgetwood currently offers repair and services for mobiles and tablets across all brands. The services are available in Delhi, Gurgaon, Noida and Ghaziabad. Users can schedule a visit to pick up the phone by simply entering their name, phone number, email ID and nature of the problem. Users can also track the status of the repair. For certain repairs, the company offers a guarantee to fix the device in 24 hours.

Xiaomi partnership: In May last year, Xiaomi tied-up with Gadgetwood to offer one-day repair and delivery services to Xiaomi customers. Subsequently, the company has started offering guaranteed one-day repair and delivery for selected problem. As of now, the company claims to carry out more than 5000 repairs a month. Clients other than Xiaomi include, NDTV, Overcart, Costa Coffee, Reglobe, Infibeam, RMS, Indorama, Warranty Asia etc.

iOqr investment: In November last year, US-based repair services provider iQor said it would invest $200 million in India to build a pan-India service network for delivering end-to-end aftermarket services, starting with repair depot hubs in Chennai and Hyderabad and new service centers. At present, iQor claims to have walk-in centers and on-site services in 82 cities and 17 states in India.

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Overcart funding: In July this year, Overcart, an online marketplace for used, refurbished/unboxed products, raised $3 million in a Series A round of funding. Apart from selling used/refurbished products, the company claims to help businesses and large e-commerce establishments manage their customer returns and eliminate unsold stock by offering these products at marked down prices (liquidation prices) to consumers and smaller retailers.

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