Bangalore: New Delhi based electronics buy back service provider Karma Recycling raises an undisclosed amount of Series A funding from Infuse Ventures, a clean technology-focused fund and Low Carbon Enterprise Fund. The company will utilize the funds towards the expansion of its consumer and retailer operation in India and also to enhance its technological offerings.
In 2013, Karma Recycling raised an undisclosed amount in seed funding from Rubal Jain, director-corporate strategy, at logistics services firm Safexpress and Rishabh Sethi, executive director of infrastructure development company SPML Infra. This round of funding brings the funds raised to $500,000 since inception, claims Aamir Jariwala, firm’s co-founder.
Founded in 2013 by Aamir Jariwala and Akshat Ghiya, Karma Recycling buys old electronics goods such as mobile phones and laptops from household and corporate companies for recycling. Karma offers pickup-and-cash services for over 3,000 models of smart phones, tablets, and laptops in any condition, the customers can fill up the details of the products they are willing to sell such as years of use and possible defects in a step-by-step manner and get a value for their product. The devices are then repaired and refurbished by the firm after deleting data and are then re-distributed, with warranty, through Karma’s network of dealers across the cities where people demand for branded goods at a cheaper price. The company also claims to have recycled 16,000 electronic gadgets so far. Karma also has tie ups with large retail chains such as Bharti Retail, Apple-authorized stores, Future Group and Sangeetha Mobiles for in-store exchanges and buy-backs.