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How ReGlobe, a startup for selling old gadgets is helping in reducing the electronic wastes through its online platform?
About ReGlobe
ReGlobe is a re-commerce company that offers an online platform to sell old or used gadgets like laptops, mobile phones and tablets. But changing their strategy, they have always a price for the item and a sure sale if the prices are pleasant to the seller.
Why we chose ReGlobe as Startup of the Week?
- ReGlobe reduces a huge amount of electronic wastes.
- USP of the company: Assured selling platform, No haggling with multiple buyers, No need to put your mobile number in public domain, Old device going in the right hands, Data security of your old device.
- ReGlobe offers an end to end service wherein the customer can sell old gadgets hassle-free.
- Privacy, instant cash, free home pickup & an instant price quotes are just some of the things that drive the users towards ReGlobe.
- The local professional buyers, who work with ReGlobe, refurbish these devices and then sell them in the second-hand market.
- The company has partnered with Snapdeal, Amazon, Infibeam, and Ebay for buyback programs helping effectively recycle e-waste.
- With presence is over 50 cities, 104,000 customers have sold 116,000 gadgets and made 81 crores cash from the transactions at ReGlobe.
- ReGlobe has launched its Cashify app to sell the products directly through phone.
- The company has raised $1million from Blume Ventures and Bessemer Venture Partners in May 2014.
- The company is currently doing a gross merchandise volume (GMV) of Rs 2 crore per month.
- Currently the company is seeing a growth of 30% month on month.
- ReGlobe’s 2014-15 revenue was more than Rs 6 crore and has expanded its staff strength from 40 to 100+.
- The company has its presence over Facebook through regular posts with a visibility to more than 40,000 fans.
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Idea behind ReGlobe
It was 2013 when Nakul Kumar was in need of money and was looking to sell his laptop but was unable to find someone. The incident gave the idea of ReGlobe, and a re-commerce website for electronics items was born. Nakul with Mandeep Manocha started the business in Gurgaon.
Their story started when both the founders thought over the opportunity of managing the electronic waste that was polluting the environment as a great business space. The two then were studying engineering at Panjab University. So to add management expertise to their skills they did an MBA course and graduated in 2009 and in the same year in May, they founded ReGlobe as a consultancy firm to provide solutions on how to dispose the goods post their expiry date.
ReGlobe got its first project with Nokia through which it helped Nokia in their all India consumer phone recycling programme. Revenue during the first two years was merely that much to keep the company floating. Thus to scale-up the founders decided to get directly into the recycling domain. But they needed fund to scale-up. They approached several banks in 2010. But it was all a waste. No one believed in the business idea. After being rejected by 12 banks in a row, they managed to get a loan of Rs 1 crore to start a small plant for converting scrap rubber into oil. “The reason for why the thirteenth bank agreed for the loan was because the loan officer’s daughter was studying a course in environmental studies and he believed in our idea,” says Kumar, Co-founder and COO.
For the financial year 2010-11, the plant generated revenue of INR1.8 crore. But to further scale the company, they sold the plant in a bid in the end of 2012. The money was invested in pushing the company over the web. In this way ReGlobe came online and gets transformed into its current form.
How ReGlobe works?
Sellers have the option to calculate the value of their gadgets by responding a few questions related to their phone quality like model number, defects in the device, and its physical condition. Thus based on the information provided, the company shows the value of the product. If the seller agrees upon the price then the company arranges a free pick-up and pays the seller in cash or via a bank transfer. The local professional buyers, working with ReGlobe, refurbish these items and then trade them in the second-hand market.
Growth and Revenue generation
The company has partnered with many of the top leading e-commerce platforms like Snapdeal, Amazon, Infibeam, and Ebay to name few for the buyback programs to help efficiently in recycling the e-wastes.
According to Mr Kumar, “the company is currently doing a gross merchandise volume (GMV) of Rs 2 crore per month and plans to achieve a 10-fold growth in the next six months”. The company is moving with a growth rate of 30% month on month.
A registered Trademark of Manak Waste Management Pvt Ltd., ReGlobe has over 75 employees and the team is growing gradually. Having its presence is more than 50 cities; more than 119K customers have sold their 133K gadgets and have given 93 crores in cash to the sellers at ReGlobe.
They have raised $1million from Blume Ventures and Bessemer Venture Partners in May 2014. ReGlobe, whose 2014-15 revenue was more than Rs 6 crore, has expanded its staff strength from 40 to 75+. They are planning to expand their footprint to more cities and for that they will increase their staff strength too.
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