Electronics buyback firm, Karma Recycling receives funding from Infuse Ventures and Low Carbon Enterprise Fund
Karma Recycling, a New Delhi based re-commerce technologies and electronics buy-back services provider, today announced that it has received a round of funding from IIMA CIIE’s Infuse Ventures, a clean technology focused fund in India, and global sustainability practice Environmental Resources Management’s (ERM), Low Carbon Enterprise Fund II. Karma will utilize the funds to develop enhanced technology for exchange and to expand its consumer and retailer facing operations across the country.
Co-founded by Akshat Ghiya and Aamir Jariwala, Karma began operations in late 2013 with an electronic waste management license from the Delhi Pollution Control Committee and has now reused or recycled over 16,000 smartphones, tablets and laptops. In addition to pickup directly from customers’ doorsteps via the online portal, the company has tied up with large multi-store retailers such as Sangeetha Mobiles, Bharti Retail, Apple authorized stores and Future Group to power in store exchange, buyback, and reverse logistics. The Company received seed funding from its promoters including the participation of consumer logistics major, Safexpress, which operates a pan-India network of delivery services spanning 600 cities, 4500+ vehicles and 45 logistics parks.
“With brand new mobile devices sales exploding nearly 200% over the past three years, the development of technologies and services for buyback and exchange related services solves a big, urgent and valuable problem for consumers, retailers and manufacturers of consumer electronics”, said Aamir Jariwala, Co-founder and CEO, Karma Recycling.
Karma offers pickup-and-cash services for over 3000 models of smartphones, tablets, and laptops – in any physical condition. Post purchase, devices are data wiped, repaired and refurbished in-house, and go through a 70-step check before being re-distributed, with warranty, through Karma’s network of dealers. “The aim is to extend the life of a mobile device as much as possible, and when it cannot be extended any further, to recycle it responsibly”, said Akshat Ghiya, Co-founder, Karma Recycling. “We have re-distributed thousands of devices, mostly acquired from metros to smaller Indian towns and villages, empowering many who could not afford brand new devices and allowing them to enter the mobile economy”.
The Company’s consumer services are now active in 24 Indian cities and it’s proprietary product for retailers, XchangeHub, is active at 125+ retailer store points. “We are hugely excited to have the opportunity to invest in Karma Recycling. It’s a company led by exceptional entrepreneurs, solving a real problem and seeing great traction. We believe Karma has the potential to be not only a huge commercial success, but also a powerful positive force in changing the e-waste landscape in India. We look forward to working with them to achieve our shared vision”, said David Sher, Investment Director, LCEF.
Karma has restored 95% of mobile devices collected through its operations. The remaining 5% are recycled responsibly according to the Company’s zero landfill policy.
Website: Karma Recycling