QarmaTek Secures $1 Million in Pre-Series A Round to Expand Operations
Electronics renewal and refurbishment startup QarmaTek has successfully raised $1 million (Rs 8.3 crore) in a pre-Series A funding round. This round was co-led by investors Umang Nahata, Rakesh Raman, and Vishal Makwana. The latest funding brings QarmaTek’s total funding to $4.11 million, following a $3 million raise in 2021 from Gujarat Venture Finance, Caspian Debt, and other investors.
The newly acquired funds will be utilized to expand QarmaTek’s offerings across multiple categories in renewed electronics, scale operations, and extend the company’s geographical reach. According to a press release from the company, this strategic expansion aims to bolster QarmaTek’s market presence and operational capabilities.
Founded in 2011 by Krunal Shah and Arun Hattangadi, QarmaTek operates in the B2B space, providing after-sale repair services for electronic products in the retail market. The Ahmedabad-based company offers a range of services including multi-brand repairing, refurbishment, call centre support, network and logistics services, and customized predictive solutions for electronic gadgets like smartphones, laptops, home appliances, and other devices.
QarmaTek’s mission is to promote sustainability by extending the lifecycle of electronic products through renewal and refurbishment, thereby reducing e-waste and contributing to a circular economy. This mission is particularly relevant in India, where 1.71 million metric tons of e-waste are generated annually, according to the Central Pollution Control Board. On a global scale, e-waste generation stands at 59.40 million metric tons. A study by KPMG and ASSOCHAM reveals that computer equipment accounts for almost 70% of India’s e-waste, followed by telecom devices (12%), electrical equipment (8%), and medical equipment (7%).
“This funding round marks a significant milestone for QarmaTek as we continue to scale our operations and enhance our service offerings,” said co-founder Krunal Shah. “Our goal is to lead the charge in the electronics renewal and refurbishment industry, promoting sustainable practices and significantly reducing electronic waste in India.”
With this new round of funding, QarmaTek is well-positioned to make a substantial impact on the electronics renewal and refurbishment industry. The company’s commitment to sustainability and innovation sets it apart as a leader in addressing the pressing issue of e-waste in India and beyond.
