ReGlobe, an online platform which allows users to sell their used electronic gadgets, has grabbed an undisclosed amount in seed round, led by Bessemer Venture Partners. The round also saw participation from Blume Ventures.
ReGlobe allows users to list their used second hand product online. Upon listing, ReGlobe refurbishes the product and sells it as a second hand product via a dealer network. The product is completely repaired and made 100% functional before being dispatched to dealers. The startup claims that users can get a quote for their product within 24 hours, with the company hand-picking the product from user’s home.
Once you get to ReGlobe’s website, you can select the gadget you wish to sell. Upon selection, ReGlobe shows you the best dealer price available in the market for the present condition of your gadget. If the price sounds good to you, the startup will arrange a direct pick up (in major cities) or we will send you a pre-paid shipping kit with courier label included. There are no hidden costs to sell and no extra hassle to ship.
For most transactions, ReGlobe pays you in cash. But for sell-outs via pre-paid shipping kit, the company would transfer the amount to your bank account within 5 business days.
ReGlobe aims to use this freshly infused capital primarily for geographical expansion and product innovation.
Currently, ReGlobe caters to 14 cities in India which include Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Mumbai, Bangalore, Pune, Ahmedabad, Gandhinagar, Baroda, Chennai, Secunderabad and Hyderabad. It plans to expand to 30 cities in the near future.
Nakul Kumar, Co-Founder at ReGlobe said,
Our value proposition in this space is unique and powerful. When users come onto our Sell platform, we provide them an instant quote, free pick-up and cash in hand
And yes, cash in hand continues to be a pretty convenient, and more preferred method of payment in large parts of India, and Asia as a whole.
The Second-hand products market is in fact a pretty surging one. According to a recent report by the Associated Chambers of Commerce and Industry of India, the market for second-hand and recycled products is expected to cross a staggering $18.4 Billion by the end of this year.