Flipkart said the acquisition, Flipkart said, will increase its existing refurbishment business in the smartphone category.
Flipkart Group announced on Thursday that it has acquired e-commerce company Yaantra for an undisclosed amount. The acquisition, Flipkart said, will increase its existing refurbishment business in the smartphone category.
“Through the acquisition of Yaantra, we are strengthening our capabilities in an area critical to the growth of India‘s digital economy, as well as developing a comprehensive service ecosystem to support its expansion,” said Ravi Iyer, Executive Vice President and Head, Corporate Development, Flipkart.
Founded in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, Yaantra repairs and sells refurbished consumer technology products such as smartphones and laptops.
The recommerce market in India is growing at a rapid pace. However, the Indian smartphone refurbishment market is largely unorganized and fragmented, which has posed trust and convenience issues for end consumers.
With the acquisition of Yaantra, Flipkart said it will enable greater access to affordable refurbished smartphones, delivering value and convenience to end consumers.
The Yaantra team will help Flipkart build its capabilities in this area and accelerate its recommerce scaling plans.
The company will report to Prakash Sikaria, Senior Vice President and Head of Growth Charter at Flipkart.
“We believe this association will be a game-changer in making the Indian refurbished market a success and creating an even better experience for our consumers,” said Jha, co-founder and CEO of Yaantra.
This strategic acquisition was made through FK Group Entity, F1 Info Solutions & Services Pvt Ltd, which offers full lifecycle management (repairs and refurbishment) for various categories including mobility, electronics consumer, computer and computer peripherals, audiovisual and enterprise solutions. , in the B2B segment.