Electronics renewal and refurbishment startup QarmaTek has successfully raised $1 million (Rs 8.3 crore) in a pre-Series A round. The funding round was co-led by prominent investors Umang Nahata, Rakesh Raman, and Vishal Makwana.
With this latest funding, QarmaTek’s total investment has reached $4.11 million to date. In 2021, the company secured $3 million from Gujarat Venture Finance, Caspian Debt, and other investors.
QarmaTek plans to use the new funds to expand into multiple categories in the renewed electronics sector, scale its operations, and grow its geographical presence. In a press release, the company stated, “The proceeds will be deployed towards expanding into multiple categories in renewed electronics, scale operations, and grow geographically.”
Founded in 2011 by Krunal Shah and Arun Hattangadi, QarmaTek specializes in the B2B space within the retail market segments, providing after-sale repair services for electronic products. The company offers a range of services, including multi-brand repairing, refurbishment, call centre support, network & logistics, and customized predictive solutions for electronic gadgets like smartphones, laptops, home appliances, and appliance brands.
QarmaTek is committed to promoting sustainability by extending the lifecycle of electronic products through renewal and refurbishment. This approach not only reduces e-waste but also contributes to a circular economy. According to the Central Pollution Control Board, India generates 1.71 million metric tons of e-waste annually, compared to the global e-waste generation of 59.40 million metric tons. A study by KPMG and ASSOCHAM reveals that computer equipment accounts for nearly 70% of e-waste in India, followed by telecom/phones (12%), electrical equipment (8%), and medical equipment (7%).