Sunday, May 26

81 Crores Cash Transactions From 116,000 Gadgets in 3 Years is Just The Beginning For Reglobe

It was the year 2013 when Nakul Kumar was looking to sell his laptop but unable to find someone to buy it. That’s when the idea of ReGlobe, a re-commerce website for electronics was born. Nakul joined hands with Mandeep Manocha to startup in Gurgaon.

A huge amount of waste is being dumped in an open area on the outskirts of Delhi and electronic waste can be reduced. “We realized that it was not the correct way of getting rid of any kind of waste ‘manually’ and it was certainly not helping the environment to get any better,” says co-founder Mandeep.

ReGlobe offers an end to end service wherein the customer can sell old gadgets hassle-free. Privacy, instant cash, free home pickup & an instant price quotes are just some of the things that drive the users towards ReGlobe without having to deal with multiple buyers.

 

Profile of the founders:

Mandeep Manocha, (CEO) is a chemical engineering from Panjab University and done his masters in marketing & finance from National Institute of Industrial Engineering. Post getting hands on experience with Lehman Brothers, Mandeep co-founded ReGlobe where he spearheads techno-managers with a strong desire to make a contribution to solving the waste management problem of the society. He is also a proud winner of ET Lufthansa Runway to Success (Season 3), an unprecedented reality program held by Economic Times & Lufthansa Airlines.

Nakul Kumar,(COO) is an Electronics and Communication Engineering, Master in European Business, International Management from ESCP Europe and a PGDM in International Management from MDI.

 

Working & Growth

The team uses an ever evolving pricing algorithm which takes into account multiple parameters to determine the best price that can be offered to the customer. Some of the parameters are Current market price, Device Aging, Device User Ranking etc. This way, they are always up and ahead of market trends.

We have partnered with Snapdeal, Amazon, Infibeam, and Ebay for buyback programs helping effectively recycle e-waste. “Recently we had partnered with OnePlus also for a buyback program which pulled off pretty well,” says the co-founder Nakul.

A registered Trademark of Manak Waste Management Pvt Ltd., the company has over 75 employees and the team is expanding slowly. With presence is over 50 cities, 104,000 customers have sold 116,000 gadgets and made 81 crores cash from the transactions at Reglobe. They have raised USD 1 Million from Blume Ventures and Bessemer Venture Partners in May last year.

 

First 3 months in the business, the founders focused on getting the right talent on the team. “It made everything fall into the right place. We as a team worked together with a single vision to improve ReGlobe every single day,” says Mandeep.

The founders believe having the right people drives the company ahead. “We usually have a practice as a core team to sit together, brainstorm and arrive at a practical solution. This practice has always worked for the best,” adds Nakul.

As a message for future entrepreneurs, Nakul says, “It always takes a thought to sow that reaps a business. Make sure it’s unique. Also, it is always better to focus on our weaknesses more and work on it rather than looking at competitors’ strength and getting weak in the knees.” Mandeep counsels the next-gen startups to work towards their growth rather than looking at their competitors.