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Bessemer Venture Partners, Blume Ventures wire $1 million to ReGlobe

While the financial terms of the investment have not been disclosed, Bessemer Venture Partners and seed-to-early-stage fund Blume Ventures are believed to have invested about $1 million (about Rs 6.3 crore) in the one-year-old company.

, ET Bureau|
Updated: Apr 29, 2015, 09.49 AM IST
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While the financial terms of the investment have not been disclosed, Bessemer Venture Partners and seed-to-early-stage fund Blume Ventures are believed to have invested about $1 million (about Rs 6.3 crore) in the one-year-old company.
While the financial terms of the investment have not been disclosed, Bessemer Venture Partners and seed-to-early-stage fund Blume Ventures are believed to have invested about $1 million (about Rs 6.3 crore) in the one-year-old company.
NEW DELHI: United States-based venture capital firm Bessemer Venture Partners has led an undisclosed round of funding in consumer electronics refurbishment platform ReGlobe, adding to the early-stage capital flows into India’s start-up ecosystem.

While the financial terms of the investment have not been disclosed, Bessemer Venture Partners and seed-to-early-stage fund Blume Ventures are believed to have invested about $1 million (about Rs 6.3 crore) in the one-year-old company.

Proceeds from the round, the first for ReGlobe, will be used by the Gurgaon-headquartered company to expand its presence across the country, further build on its technology platform and increase the number of its partners.

“The target is to be in the top 30 cities over the next six months and position the company as the pricing benchmark for consumer electronics products,” said Nakul Kumar, co-founder of ReGlobe, which currently has presence in 15 cities in India.

This is the latest investment in India for Bessemer Venture Partners, which recently raised its ninth global fund with a corpus of $1.6 billion (about Rs 10,000 crore). The global venture capital firm, which counts consumer internet companies such as Snapdeal and BigBasket in its India portfolio, is believed to have earmarked about $200 million (Rs 1,267 crore) from its latest investment vehicle to invest in the country.

Indian technology start-ups have emerged as the top draw for VC investors so far this year, as early-stage investors breached $1 billion (Rs 6,334 crore) in investments in the country for the first time in the quarter to March.

ReGlobe competes with refurbished goods retailer Reverse Logistics Corp, which owns and operates portal GreenDust.com, and Krishnan Ganesh-backed Overcart.com, as well as with horizontal online and mobile classifieds ventures Quikr.com and Naspers-backed OLX.com. Its revenue model is based on charging a commission on every device traded on its platform.

“We’ve built an eco-system where the seller really doesn’t have any pain points. We help with the price discovery, get a buyback price and ensure the device is sold within 24 hours,” said Mandeep Manocha, co-founder of ReGlobe.

The company has partnered with more than 100 buyers and sellers of second-hand consumer electronic products such as mobile phones and laptops, along with retail chains such as the Tata Group’s Croma and Reliance Retail, India’s largest retailer.

“The founders have crafted a superb business model that makes it a seamless experience for consumers. The market opportunity is at least a couple of billion dollars. This is a very capital efficient and scalable model,” said Akash Goel, vice president at Bessemer Venture Partners.

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