It’s pouring investments for Greendust, first Snapdeal and now Foxconn

Reverse Logistics-owned refurbished goods retailer Greendust has a reason to celebrate. Weeks after it got funding from Snapdeal, now Foxconn Technology Group has also pledged investment of Rs 430 crore to Rs 460 crore ($65 million-$70 million).

Hitendra Chaturvedi, founder and chief executive of Reverse Logistics, said the deal with Foxconn was yet to be finalised.

Presently, the worth of Delhi-based Greendust, without the funding, is about $240 million to $250 million. Moreover, it is in discussions with Falcon Edge Capital and Meru Capital for potential investments.

Reserve Logistics, founded in 2008 by IIT-Roorkee graduate and former Microsoft executive Hitendra Chaturvedi, refurbishes damaged or defective electronic products and sells them on the Greendust portal as well as through offline stores.

The company’s clientele includes Samsung, Amazon.com, LG and Philips.

Earlier, Taiwan based Foxconn has invested in green energy sector.

(Image: Thinkstock)