Key Takeaways
- • ReGlobe.in secured early-stage seed funding from Bessemer Venture Partners and Blume Ventures (funding amount undisclosed) to accelerate expansion in India's second-hand electronics marketplace.
- • The company plans to expand from its current presence in 14 cities to 30 cities in the near future, with proceeds directed toward product innovation and market scaling.
- • ReGlobe operates a reverse commerce model enabling consumers to instantly sell used electronics (laptops, mobile phones, tablets) with home pickup and immediate cash payment, founded in 2013 by Nakul Kumar and Mandeep Manocha.
- • India's second-hand and recycled products market is projected to reach ₹1.15 trillion ($18.4 billion) by 2015, with the segment growing three times in 2014, signaling strong market tailwinds for the platform.
- • Blume Ventures co-founder Karthik Reddy characterized the marketplace model as "powerful" and highlighted rapid expansion potential across multiple product categories nationwide.
Summary
ReGlobe.in, a digital marketplace for used electronics owned and operated by Manak Waste Management Pvt. Ltd, has closed an early-stage funding round from two prominent venture investors: Bessemer Venture Partners (BVP) and Blume Ventures. While the funding amount remains undisclosed, the capital infusion targets expansion and product development as the company executes its growth strategy across India.
The company operates a reverse commerce platform that streamlines the sale of secondhand electronics. Customers in 14 cities can sell used laptops, mobile phones, and tablets by receiving an instant quote, arranging home pickup, and obtaining same-day cash payment. ReGlobe was founded in 2013 by Nakul Kumar and Mandeep Manocha and intends to expand its footprint to 30 cities in the near term.
The timing of this funding aligns with significant tailwinds in India's second-hand goods market. According to a report from the Associated Chambers of Commerce and Industry of India, the second-hand and recycled products market is forecast to cross ₹1.15 trillion ($18.4 billion) by 2015. Kumar noted that the segment expanded threefold during 2014, underscoring strong secular demand. He characterized the funding as strategically timed to "scale up on several fronts and take our proposition to more users."
Blume Ventures co-founder Karthik Reddy emphasized the depth of ReGlobe's market expertise, stating that "the team has a deep understanding of the used-goods market from a marketplace and recycling perspective." He described the marketplace model as "powerful" and projected that ReGlobe's mobile and laptop resale business is "set to expand rapidly to all of the country and multiple product categories."
The company operates a reverse commerce platform that streamlines the sale of secondhand electronics. Customers in 14 cities can sell used laptops, mobile phones, and tablets by receiving an instant quote, arranging home pickup, and obtaining same-day cash payment. ReGlobe was founded in 2013 by Nakul Kumar and Mandeep Manocha and intends to expand its footprint to 30 cities in the near term.
The timing of this funding aligns with significant tailwinds in India's second-hand goods market. According to a report from the Associated Chambers of Commerce and Industry of India, the second-hand and recycled products market is forecast to cross ₹1.15 trillion ($18.4 billion) by 2015. Kumar noted that the segment expanded threefold during 2014, underscoring strong secular demand. He characterized the funding as strategically timed to "scale up on several fronts and take our proposition to more users."
Blume Ventures co-founder Karthik Reddy emphasized the depth of ReGlobe's market expertise, stating that "the team has a deep understanding of the used-goods market from a marketplace and recycling perspective." He described the marketplace model as "powerful" and projected that ReGlobe's mobile and laptop resale business is "set to expand rapidly to all of the country and multiple product categories."
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