Flipkart Group announced today that it acquired electronic recommerce company Yaantra for an undisclosed amount.
Flipkart said the acquisition will boost its recommerce business and enhance after-sale offerings for its customers in the smartphone segment.
Yaantra, incorporated in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, is a leading brand that repairs and sells refurbished consumer technology products such as smartphones and laptops.
With this acquisition, Flipkart said it will provide a one-stop service ecosystem for its customers that takes care of the entire life cycle of smartphones.
As part of the acquisition, Yaantra will help Flipkart develop capabilities in this area and accelerate plans to expand commerce. The business will report to Prakash Sikarya, Senior Vice President and Head of Flipkart Growth Charter.
The recommerce market in India is growing at a fast rate. However, the Indian smartphone refurbishment market is largely unregulated and fragmented, which has raised issues of trust and convenience for end consumers.
With the acquisition of Yaantra, Flipkart will enable greater access to affordable refurbished smartphones, bringing value and convenience to end consumers.Ravi Iyer, Senior Vice President and Head of Corporate Development at Flipkart, said: "At Flipkart, we continuously strive to find new ways to be more relevant to consumers and address India's growing consumer internet ecosystem. This approach includes acquisitions and strategic investments that expand our existing offering to customers to become the one-stop destination for their digital needs By acquiring Yaantra, we are strengthening our capabilities in an area critical to the growth of India's digital economy, as well as developing an ecosystem comprehensive set of services to support its expansion.”