It currently offers TVs, refrigerators, washing machines and microwaves under the appliances category, and beds, sofas, dining tables, etc. in the furniture category
Zefo, an online marketplace specialising in second-hand and factory-second furniture and appliances, has announced that it has raised INR40 crore (US$6 million) in Series A funding led by Sequoia India.
Japan’s Beenext and existing investor Helion Ventures have also co-invested in the round.
The latest funding will allow Zefo to diversify into new geographies and categories, in addition to extending reach in existing categories. It will also use this fund to invest in technology and build a talent pool.
Established by Rohit Ramasubramania, Karan Gupta, Himesh Joshi and Arjit Gupta, Zefo is a pre-owned and factory seconds marketplace for furniture and appliances, which promises a fair price, upfront cash, flexible pickups and a hassle-free and professional experience to sellers. Products are then quality checked, assessed, cleaned and disinfected before being made available for buyers.
Buyers can purchase these pre-owned goods with the trust and convenience made familiar by the advent of e-commerce.
With services are available in Bangalore, Mysore, Delhi, Gurgaon, Noida and Mumbai, the company currently offers televisions, refrigerators, washing machines and microwaves under the appliances category, and beds, sofas, dining tables, etc. in the furniture category.
“The household goods are a US$40-50 billon marketplace and the market is growing rapidly. Zefo is currently growing at a rate of 40 per cent every month. Since our launch, we have already served 30,000-plus customers, selling 400-500 products a day. Our ambition is to expand into new categories and cities in the next one year and to be the preferred shopping destination for used goods,” says Ramasubramanian.
“Zefo’s USP lies in its ability to bring the element of trust, reliability, and convenience in a market where these have been largely ignored. Their exceptional net promoter score is a testament to how well the service is resonating with both buyers and sellers on the platform,” according to Abheek Anand, Principal, Sequoia Capital India.
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