Indian recommerce company, ReGlobe has raised seed funding led by Bessemer Venture Partners (BVP) and Blume Ventures. The funding will enable the company to scale up on several fronts and take its proposition to more users.
ReGlobe provides an online platform for customers to sell their old or used electronic gadgets. On its platform, users can get a quote for their product within 24 hours, and the company also picks up the product from the consumer’s home. The devices that are bought are refurbished and sold in the second hand market through a dealer network.
Currently, the firm caters to 14 cities in India including Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Mumbai, and Bangalore. It plans to expand to 30 cities in the near future.
According to a recent report by the Associated Chambers of Commerce and Industry of India, the market for second-hand and recycled products is expected to cross Rs. 1,15,000 crore ($18.4 B) by 2015. The second hand goods market grew by 3X in 2014.