News Post

QarmaTek raises $1 Mn in pre-Series A round

Entrackr · 3m

Electronics renewal and refurbishment startup QarmaTek has secured $1 million (Rs 8.3 crore) in pre-Series A round co-led by Umang Nahata, Rakesh Raman, and Vishal Makwana. Qarmatek has raised a total funding of $4.11 million till date. In 2021, it raised $3 million from Gujarat Venture Finance, Caspian Debt and others. The proceeds will be deployed towards expanding into multiple categories in renewed electronics, scale operations, and grow geographically, QarmaTek said in a press release. Co-founded in 2011 by Krunal Shah and Arun Hattangadi, Qarmatek serves in the B2B space in the retail market segments and provider of after-sale repair services for electronic products. The company offers multi-brand repairing services, refurbishment services, call centre services, network & logistics services, customised & predictive solutions for electronic gadgets like smartphones, laptops, home appliances, and appliance brands. The Ahmedabad-based company aims to promote sustainability by extending the lifecycle of electronic products through renewal and refurbishment, thus reducing e-waste and contributing to a circular economy. According to the Central Pollution Control Board, India generates 1.71 million metric tons of e-waste, compared to the worldwide e-waste generation of 59.40 million metric tons. A study by KPMG and ASSOCHAM shows that computer equipment accounts for almost 70% of e-waste in India, followed by telecom/phones (12%), electrical equipment (8%), and medical equipment (7%).