Yaantra will use the capital secured from Anicut Capital to expand its market and for its working capital needs. The investment was made through non-convertible debentures.
Delhi-based smartphone refurbishing and resale platform Yaantra has reportedly raised around $2 million (Rs 15 crore at current exchange rates) in venture debt from alternative investment firm Anicut Capital LLP.
Sources familiar with the matter told TechCircle that Anicut Capital, which offers debt financing to small and medium enterprises, made the investment through non-convertible debentures.
Yaantra will use the capital raised to expand its market and for its working capital needs, the sources said.
The company last raised capital in October 2017, when it secured $3.1 million (about Rs 20 crore then) in its fourth round of funding from existing investors Carpediem Capital Partners and Duane Park.
Yaantra currently operates in seven cities
Yaantra is a brand of GadgetWood eServices Pvt. Ltd, which was setup in 2013 by Ankit Saraf, Anmol Gupta and Jayant Jha. It offers repairing, refurbishing and reselling services for smartphones.
Yaantra currently operates in New Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad and Ahmedabad. It is also available pan-India through its retail partners in over 250 cities.The company, which employs more than 700 people, claims to have a capacity to repair and refurbish over a lakh of smartphones a month and has served more than 1.2 lakh customers.
The company sells devices from brands like Apple, Micromax, Motorola, Xiaomi, Samsung, Lenovo, LETV, HTC, Asus, One Plus, Sony, Honor, Karbonn, Coolpad, Vivo, Oppo, Gionee, LG, Xolo, Swipe, Videocon, Intex and Huawei, according to information on its Google Play Store page.
Based in Chennai, Anicut Capital LLP seeks to invest between INR50 million (USD0.74 million) and INR200 million (USD2.99 million).
