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<keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> Group on Thursday said it has acquired electronics recommerce company <keyword id="4160726" type="General" weightage="20" keywordseo="yaantra" source="Orion">Yaantra</keyword> for an undisclosed sum. The acquisition, said Flipkart, will augment its existing refurbishment business in the smartphone category. "Through the acquisition of Yaantra, we are enhancing our capabilities in a domain that is critical for the growth of the digital economy in India, as well as developing a comprehensive service ecosystem to support its expansion," said Ravi Iyer, Senior Vice President and Head, Corporate Development, Flipkart. Founded in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, Yaantra repairs and sells refurbished consumer tech products such as smartphones and laptops. The recommerce market in India is growing at a rapid pace. However, the Indian smartphone refurbishment market is largely unorganised and fragmented, which has posed trust and convenience issues for end consumers. With the acquisition of Yaantra, Flipkart said it will enable greater access to affordable refurbished smartphones, offering value and convenience for the end consumers. The Yaantra team will help Flipkart build capabilities in this domain and accelerate its recommerce scale-up plans. The business will report to Prakash Sikaria, Senior Vice President and Head of Flipkart's Growth Charter. "We believe this association will prove to be a game-changer in making the Indian refurbished market a success and creating an even better experience for our consumers," said Jha, Co-Founder and CEO, Yaantra.

Flipkart acquires refurbished electronics seller Yaantra

Yaantra, the doorstep mobile repair company, has announced <keyword id="428501" type="PERSON" weightage="100" keywordseo="Vinod-Sawhny">Vinod Sawhny</keyword> will join it as a Senior Advisor. Sawhny, a consumer retail and telecom veteran, was leading <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Communications&amp;sortorder=effectivedate">Reliance Communications</a> as its CEO. 
 
“Yaantra is excited to have Sawhney and expects to significantly benefit from his proven expertise in building and leading large consumer retail organization,” said Jayant Jha, co-founder and CEO of Yaantra. 
 
Earlier, Sawhny has led in senior roles across <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Retail&amp;sortorder=effectivedate">Bharti Retail</a>, <keyword id="6354287" type="CITY" weightage="20" keywordseo="Bharti-Airtel">Bharti Airtel</keyword>, <keyword id="6378177" type="COMPANY" weightage="20" keywordseo="Spice">Spice</keyword> Communications, and <keyword id="6369697" type="COMPANY" weightage="20" keywordseo="Godrej">Godrej</keyword> GE Appliances Ltd. Currently, he will be helping the company in developing strategies, build its organization and develop its sourcing and distribution strategy.

Former Reliance Communications CEO Vinod Sawhny joins Yaantra

You spend a little less than your fortune to buy a phone. <keyword id="51958" type="ENTERTAINMENT" weightage="20" keywordseo="YES">Yes</keyword>, priced quite high, smartphones are lifeline of our daily existence. Be it calling a cab to return home late night or getting daily groceries or even planning your solo travel, there is no alternative to phones. But then a slightest carelessness may make you drop the phone. While some survive, most end up with a cracked screen or a damaged camera, as these are the two most vulnerable parts of a smartphone. If not a physical damage that can be seen, there would be instances of a lag in touch sensation or some other issue. 
 And then begins the worry. If yours is an <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword>, you would walk into an authorised store and return happy. However in <keyword id="6355645" type="COMPANY" weightage="20" keywordseo="android">Android</keyword> phones, there are brands that are selling like hot cakes but with an unsatisfactory after sales service. Firstly you would struggle to find an authorised service centre that may be too far from your home. While technology is zooming at a lightning speed, phone makers are still lagging behind to provide a better after sales service. And this is the gap, founders <keyword id="211694" type="PERSON" weightage="20" keywordseo="Jayant">Jayant</keyword> Jha, <keyword id="4223653" type="UNKNOWN" weightage="20" keywordseo="ankit-saraf">Ankit Saraf</keyword> and <keyword id="885887" type="PERSON" weightage="20" keywordseo="Anmol-Gupta">Anmol Gupta</keyword> planned to bridge. 
 Started as <keyword id="2837023" type="UNKNOWN" weightage="20" keywordseo="Gadgetwood">Gadgetwood</keyword> in 2013, this start up rebranded itself to <keyword id="4160726" type="UNKNOWN" weightage="20" keywordseo="Yaantra">Yaantra</keyword> last year. Researches by the founders revealed that after sales service of samrtphones is not yet organised and the current scenario and infrastructure wasn’t ready to handle the Indian consumers. 
 Yaantra started with an ulterior objective to offer doorstep repair services for mobiles, smartphones and tablets to the users in India. Backed by a knowledgeable and certified team of resources, serving customers online as well as directly to their doorstep, this promising start up soon made its mark with its customer-centric philosophy. Yaantra’s successful tie-up with <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> and others, within just a short span of it entering the competitive market, throws light on its future in the business sector. 
 
 
Managing product lifecycle This industry is witnessing sharp growth and will continue to grow for next few years. India will have 1.3 billion smartphones subscribers by the end of 2021, as per <keyword id="6356812" type="CITY" weightage="20" keywordseo="Ericsson">Ericsson</keyword> mobility report. People in Tier 1 and Tier 2 cities spend a lot of time travelling to offices. And that’s where Yaantra’s innovative doorstep service becomes relevant. 
 
 
 
Why would people opt for Yaantra over service centres? “Having witnessed the progressive technological changes in the country first-hand in all these years, I believe the reason why this sector is such where people still prefer service centres is because neither they know any better nor they are facilitated with that kind of trust yet. And this is where Yaantra steps in to change the scenario of repair services and advanced technical support in the country. We act as a bridge, facilitating a shorter, simpler route to the customers, which is as reliable and as affordable as the service centres but far easier to work with,” Jayant told <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword>. 
 
With Yaantra serving as the perfect partner to therecognised global brands, it helps open a plethora of fresh choices for the Indian customers and gives further boost to our economy. 
 
<keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">Funding</keyword> There have been two rounds of funding for the company, with the first being in the year 2014 when Yaantra (still Gadgetwood then) had raised an undisclosed amount of funding from a group of individual investors from India Angel <keyword id="6359918" type="ENTERTAINMENT" weightage="20" keywordseo="network">Network</keyword> (IAN). The investors included <keyword id="238081" type="PERSON" weightage="20" keywordseo="Ajai-Chowdhry">Ajai Chowdhry</keyword> of HCL, Ashvin Chadha and <keyword id="360743" type="PERSON" weightage="20" keywordseo="Nitin-Singhal">Nitin Singhal</keyword> of Fresco Global. These funds were primarily contributed towards the strengthening of the core team, upgrading technology and expanding the company’s services to other cities as well. 
 The second funding came in around the month of September in the year 2016, where the company had raised approximately $6 million funding from <keyword id="3180516" type="UNKNOWN" weightage="20" keywordseo="Carpediem-Capital">Carpediem Capital</keyword>, an India-focused private equity fund, and its investors. The company has successfully employed this funding to create a nationwide network for servicing and selling refurbished mobile devices and to broaden its capabilities to include laptops, wearable tech and LED TVs in the near future.

No need to go to service centres, this
start up offers doorstep repairing solutions for your phones

Equity benchmark <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> tumbled over 400 points in opening trade on Friday, tracking heavy selling pressure across counters amid a negative trend in global markets. The BSE index was trading 434.59 points or 0.71 per cent lower at 60,800.71 in early trade. Likewise, the Nifty declined 111.10 points or 0.61 per cent to 18,146.70. HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent, followed by <keyword id="106317" type="General" weightage="20" keywordseo="asian-paints" source="Orion">Asian Paints</keyword>, HDFC, <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, Wipro, <keyword id="44863" type="General" weightage="20" keywordseo="HUL" source="Orion">HUL</keyword> and <keyword id="43217" type="General" weightage="20" keywordseo="Tech-mahindra" source="Orion">Tech Mahindra</keyword>. On the other hand, Reliance Industries, Maruti, Titan and Bajaj Finance were the only gainers in the pack. In the previous session, the 30-share BSE Sensex ended 85.26 points or 0.14 per cent higher at 61,235.30. Similarly, the NSE Nifty advanced 45.45 points or 0.25 per cent to 18,257.80. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-session deals. Asian stocks dropped on Friday after a raft of Federal Reserve officials signalled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October, Deepak Jasani, Head of Retail Research, HDFC Securities, said. "US stocks closed down on Thursday, as a rebound in technology shares stalled out, snapping a three-day winning streak for the Nasdaq Composite," he added. Stock exchanges in the US ended on a negative note in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.15 per cent to USD 84.34 per barrel. Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,390.85 crore on Thursday, according to stock exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/premiums-on-new-life-insurance-premiums-for-both-term-plans-and-endowment-are-rising/articleshow/88889744.cms">Premiums on new life insurance premiums for both term plans and endowment are rising</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-refurbished-electronics-seller-yaantra/articleshow/88876829.cms">Flipkart acquires refurbished electronics seller Yaantra</a>

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Flipkart acquires refurbished electronics seller Yaantra

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Former Reliance Communications CEO Vinod Sawhny joins Yaantra

BI India Bureau

No need to go to service centres, this start up offers doorstep repairing solutions for your phones

BI India Bureau

Sensex slumps over 400 points in early trade; HCL Tech, Axis Bank slips 3%

PTI

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