QarmaTek Secures $1 Million to Expand Electronics Renewal and Refurbishment Services

Preeti Bali / 7:33 am / July 10, 2024

QarmaTek, a leading electronics renewal and refurbishment company, has secured $1 million (Rs 8.3 crore) in a pre-Series A funding round. The round was co-led by prominent investors Umang Nahata, Rakesh Raman, and Vishal Makwana. This latest investment brings QarmaTek’s total funding to $4.11 million, following a $3 million round secured in 2021 from Gujarat Venture Finance, Caspian Debt, and other investors.

The fresh capital will be strategically deployed to fuel QarmaTek’s growth across multiple categories within the renewed electronics market. The company plans to utilize the funds for operational expansion and geographical reach, solidifying its position as a key player in the electronics renewal and refurbishment landscape.

QarmaTek: A Champion for Sustainability

Founded in 2011 by Krunal Shah and Arun Hattangadi, QarmaTek operates in the B2B space, catering to retail segments and offering after-sales repair services for a wide range of electronic products. Their services encompass multi-brand repairs, refurbishments, call center support, network and logistics solutions, as well as customized and predictive maintenance solutions for smartphones, laptops, home appliances, and various electronic brands.

QarmaTek prioritizes environmental sustainability by extending the lifespan of electronic products through renewal and refurbishment. This approach effectively reduces electronic waste (e-waste) generation and fosters a circular economy.

Addressing India’s E-Waste Challenge

India grapples with a significant e-waste challenge, generating an estimated 1.71 million metric tons annually. This figure stands in stark contrast to the global e-waste generation of 59.40 million metric tons. A study conducted by KPMG and ASSOCHAM reveals that computer equipment forms the bulk of India’s e-waste (nearly 70%), followed by telecommunication equipment and phones (12%), electrical equipment (8%), and medical equipment (7%).

QarmaTek’s innovative solutions offer a compelling alternative to discarding electronics upon encountering minor malfunctions or outdated models. By providing renewal and refurbishment services, QarmaTek empowers consumers and businesses to make eco-conscious choices and significantly reduces the environmental impact of electronic waste.

More Stories