Gadgetwood seizes $6-m funding from Carpediem Capital

AHMEDABAD: On-demand repair services and refurbishment startup Gadgetwood has raised $6 million in series-A funding from private equity fund Carpediem Capital. Abhishek Sharman, MD of Carpediem Capital, will join Gadgetwood board. "It's an emerging business in the organised service category," Sharman said. "The repairs and refurbishment market is highly fragmented and unorganised and thus it gives a huge opportunity to create a scalable business to fill a large gap in the industry". Recently, Carpediem also invested in Adinath Agro and Briyani Blues.

Gadgetwood provides repair and other support services for mobiles and tablets across all brands. It has in-house repair facility that allows it to offer after-repair warranty as well. It also operates in the refurbished devices sales market space.

It claims to repair over 10,000 devices every month and is also an authorised service providers for a leading mobile manufacturer. "India is the second largest mobile market globally, having sold 100-million phones last year, thereby creating a significant opportunity for repair and refurbish services," said Jayant Jha, CEO at Gadgetwood.

According to him, by providing end to end solutions for the entire product lifecycle, the company targets to become a major player in the organised consumer electronic repair and refurbishment industry.