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Mergers & Acquisitions | 19 November 2016

Zefo, a used goods marketplace, raises $6 million from Sequoia and other investors

by Ritika Singh
Zefo, a used goods marketplace, raises $6 million from Sequoia and other investors
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Bengaluru-based Zefo, a used goods online retail platform, has raised $6 million (INR40 crore) in funding from venture capital firms such as Sequoia India, Helion Venture Partners, and Beenext. Helion Venture is also an existing investor in Zefo.

Zefo by Zero Effort Technologies Private Limited is an online platform to buy and sell used goods. Currently, the marketplace serves just two categories, namely furniture and appliances, and has a presence in Bengaluru, Mysuru, Noida, Gurugram, Mumbai and Delhi.

It was founded in August 2015 by Arjit Gupta, Himesh Joshi, Karan Gupta and Rohit Ramasubramanian (former executive at Helion Venture Partners).

Unlike other used goods marketplaces, Zefo does not allow buyers and sellers to interact directly. Instead, the company focuses on purchasing the items from the sellers, refurbishing them and placing them on sale for prospective buyers. This allows Zefo to ensure quality and manage the logistics and supply chain. It has proven to be a successful business model since the platform is witnessing a monthly growth of 40 per cent.

Since its launch, Zefo has already served more than 300,000 satisfied customers, and it is presently selling anywhere from 400 to 500 items a day.

Zefo intends to use the latest round of investment to spur expansion. It is looking to expand to the top eight Indian cities by the end of 2017. The investment will go towards ramping its team and improving its technology. It also has plans to enter the consumer electronics category, another major used goods category.

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