Qarmatek, an electronics renewal and refurbishment firm backed by GVFL (Gujarat Venture Finance Limited) and Caspian Debt, has acquired $3 million in Series A funding. The funds will be used to expand its newly launched B2C refurbished and rejuvenated electronics marketplace, MOBEX.
Qarmatek began as a B2B electronics repair and refurbishment partner for major device manufacturers, founded in 2011 by Krunal Shah and Arun Hattangadi. For OEMs, they began by repairing set-top boxes and their remote controls. In a month, it repairs about 200k devices, including phones, computers, televisions, refrigerators, washing machines, speakers, headphones, and other items.
“We are happy with the assistance we have received from GVFL & Caspian Debt as we unfurl the next phase of our journey,” stated Krunal Shah, Co-Founder and Director, Qarmatek. We anticipate accelerating our capacity to service more clients effectively and quickly as a result of this round of cash infusion. Appreciating this remarkable achievement, we intend to work hard to improve the working environment for all of our 800+ employees and to focus on their personal and professional development. We can currently complete 200,000 repairs every month as a company, but we plan to increase that to half a million by the end of the current calendar year.