Zefo, an online marketplace for pre-owned furniture and appliances has recently raised Rs 60 crore(around $9 million) from Sequoia Capital India, Helion Venture Partners and Beenext Pte. Ltd in a Series B round.
Based out of Bengaluru, the Silicon Valley of India, Zefo will be using the funds to widen up its operations, expand inventory size and better customer support.
Zefo, owned by Zero Effort Technologies Pvt Ltd, started in 2015 by selling used furniture and home appliances in Bangalore and has now spread to other tier 1 cities, such as-Mysore, Delhi, Gurgaon, Noida and Mumbai.
Zefo currently has 10,000 products that includes sofas, beds, tables, wardrobes, TV, Refrigerators and other furnitures.
More than half of inventory is sourced from consumers who sell used products. It also sources furniture from e-commerce marketplaces like Flipkart, Amazon, UrbanLadder and Pepperfry. Customers on these platforms exchange their old furniture and appliances in return for new products, while the used products go directly to Zefo.
ALSO READ
Google Launches Its “World’s Best Camera Smartphone “
Las Vegas Shooting marks the Saddest Day on Twitter: Report
The company also provides refurbished products, since the second hand market is generally considered as low-trust market, which is why it refurbishes the appliances and try to win customer trust and support.
“Our core focus of offering a standardized, transparent, high-trust and convenient way for people to buy and sell their products online has helped us establish our presence as the preferred used goods marketplace in the country. We will continue to strengthen these aspects with focus on technology and operations to further enhance our customer experience,” Ramasubramanian said in a statement.
Like this press release? Submit yours here.