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Gadgetwood, which has raised funding from Carpediem Capital, also operates in the refurbished device sales markets in India

India is a crowded smartphone market, with a number of large and small manufacturers, domestic and foreign, selling hundreds of thousands of gadgets everyday. You can now get a smartphone for a price as cheap as US$1.34. (Yet another company Ringing Bells, which claims to have launched a US$4 smartphone, is now under police investigation).

The emergence of cheaper models, however, has not stopped consumers from getting their old handsets repaired, and long queues at the service centres of various smartphone brands are a common scene in the country.

And this startup wants to make sure you bypass this long queue, and it has just raised a significant amount in investment.

Gadgetwood, an on-demand repair services and refurbishment company in Delhi, has secured approximately US$6 million 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.

“We plan to utilise 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,” said Jayant Jha, Co-founder and CEO of Gadgetwood.

Founded in 2013 by three young entrepreneurs 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.

The company repairs in excess of 10,000 devices every month and is an authorised service provider for a leading mobile manufacturer.

“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 organized consumer electronics repair & refurbishment industry,” added Jha.

Sharman said: “The repairs and 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.”

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