GoZefo: Sequoia - Backed startup raises $3 million in funding

Used appliances and furniture items platform Zefo, which even runs as gozefo.com that has augmented Rs60 crore (around $9 million) in a Series B round from Sequoia Capital India, Helion Venture Associates, and Bee next Pte. Ltd, the company told in a report.

The Bengaluru-based organization will utilize the funds to extend processes, enhance customer care, increase accountability and employ talented people, CEO Rohit Subramanian said in Mint.

Zefo, possessed by Zero Effort Technologies Pvt. Ltd commenced by selling second-hand furniture and home applications in 2015. It now works in Bengaluru, Mysore, Delhi, Gurgaon, Noida, and Mumbai.

Three months back, it initiated selling mobile phones in some of these cities. It plans to incorporate more types in the future.

It at present has more than 10,000 products all over the groups such as beds, sofas, dining sets, wardrobes, TVs, washing machines, refrigerators, and air-conditioners. It trades both used products as well as unpackaged goods from companies. The company was originated in August 2015 by Rohit Ramasubramanian, Karan Gupta, Himesh Joshi, and Arjit Gupta. It before has elevated $6 million in November previous year.

Over half of account is sourced from customers who sell secondhand products. It also imports furniture from e-commerce marketplaces such as Flipkart, Amazon, UrbanLadder, and Pepperfry. Consumers on these platforms give-and-take their old furniture and appliances in profit for new products, while the secondhand products go straight to Zefo.

The firm renovates and upkeeps the obtained furniture and appliances, and sells it on its platform. As per to chief executive officer Ramasubramanian, the used products market is a low-conviction market, and Zefo is striving to resolve it by conveying accessibility to secondhand goods customers by capitalizing in customer care and repairing.

“Our essential effort of offering a consistent, clear, high-confidence and suitable way for individuals to buy and sell their products online has assisted us to start our presence as the ideal second-hand goods market in the country. We will remain to reinforce these features with emphasis on technology and actions to ahead improve our customer experience,” Ramasubramanian told in a report.

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The start-up asserts to have full-fledged from about 25,000 consumers in 2016 to around 150,000 customers at present. Incomes are rising 30% every month, Ramasubramanian said Mint.

Its contestants comprise bigger e-commerce corporations such as eBay which sells renewed mobile phones, tablets, laptops as well as secondhand books and game CDs. eBay India also lets consumers to retail their secondhand products nationally and globally. Moreover, classified portals such as Quikr and Olx also race with Zefo.