Bengaluru-based Refurbished furniture and appliance marketplace Zefo has recently revealed that it has raised a whopping Rs. 60 crore ($9.2 million) in Series B funding. The round was led by its existing investors Sequoia India and Helion Venture Partners saw the participation of Singapore-based Bennett.
On the investment, Abheek Anand, Sequoia Capital India Advisors, said:
Sequoia India is very pleased with how Zefo has addressed a white-space in the online used commerce market. This is a massive, underserved market where current alternatives do not work well in the Indian context.
Further adding to that, he said:
Zefo’s managed marketplace approach appeals to both buyers and sellers and their strong growth is a testament to the product-market fit that they have achieved.
Zefo is an eCommerce platform committed to giving buyers and sellers an absolute hassle free used goods shopping experience. Unlike most options out there, one can sell on Zefo within minutes and get cash upfront for their products. As a buyer, you get a transparent eCommerce experience at incredible value for your money.
The company differentiates itself in functioning from a peer marketplace by providing potential sellers with a quote after a quality check and pays them in cash if the offer is accepted and then picks up the items right from their door.
Before being listed in the company’s database, the products are refurbished by the startup and the buyers are provided a return policy and a buyback guarantee of up to 70 percent.
The company is currently operating in Bangalore, Mumbai and Delhi, and claims to have served 150,000 customers since it started out in 2015. It currently lists over 10,000 products.
The platform sets itself apart from several other companies floating in India’s e-commerce sector currently by focusing its attention on secondhand items in three categories: furniture, home appliances and mobile phones.
Previously, the company has raised almost $16 million which includes the recent Series B funding, the Series A funding the startup raised last year and earlier funding.