Electronics renewal and refurbishment startup QarmaTek has raised $1 million (Rs 8.3 crore) in a pre-Series A round co-led by investors Umang Nahata, Rakesh Raman, and Vishal Makwana. This latest funding brings QarmaTek’s total funding to $4.11 million, following a $3 million raise in 2021 from Gujarat Venture Finance, Caspian Debt, and other investors.
The newly acquired funds will be used to expand QarmaTek’s offerings across multiple categories in renewed electronics, scale operations, and grow the company’s geographical reach, according to a press release from the company.
Founded in 2011 by Krunal Shah and Arun Hattangadi, QarmaTek operates in the B2B space, providing after-sale repair services for electronic products in the retail market segments. The Ahmedabad-based company offers multi-brand repairing services, refurbishment services, call centre services, network and logistics services, and customized and predictive solutions for electronic gadgets like smartphones, laptops, home appliances, and other electronic devices.
QarmaTek’s mission is to promote sustainability by extending the lifecycle of electronic products through renewal and refurbishment, thereby reducing e-waste and contributing to a circular economy. This aligns with the pressing issue of e-waste in India, where 1.71 million metric tons of e-waste are generated annually, according to the Central Pollution Control Board. Globally, e-waste generation stands at 59.40 million metric tons. A study by KPMG and ASSOCHAM reveals that computer equipment accounts for almost 70% of India’s e-waste, followed by telecom devices (12%), electrical equipment (8%), and medical equipment (7%).
With this new round of funding, QarmaTek is well-positioned to expand its impact on the electronics renewal and refurbishment industry, promoting sustainable practices and reducing electronic waste in India.
