Flipkart Group announced on Thursday that it had acquired Yaantra, an electronics re-commerce company, for an undisclosed amount as part of an effort to strengthen its re-commerce business and improve after-sales service for its customers Improve smartphone segment.
The acquisition was made by the FK Group Entity, F1 Info Solutions and Services, which offers comprehensive lifecycle management (repairs and modernization) for various categories, including mobility, entertainment electronics, IT and IT peripherals, AV and corporate solutions, in B2B (Business-to-Business) segment, it says in a press release.
Founded in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, Yaantra repairs and sells refurbished consumer tech products such as smartphones and laptops.
With this acquisition, Flipkart will offer its customers a comprehensive service ecosystem that takes care of the entire lifecycle of smartphones, the statement said.
Flipkart will provide better access to affordable refurbished smartphones that offer value and convenience for end users, it added.
The re-commerce market in India is growing rapidly. However, the Indian market for refurbishing smartphones is largely disorganized and fragmented, which raises trust and convenience problems for end users.
As part of this acquisition, the Yaantra team will help Flipkart build skills in the area and accelerate its plans to scale re-commerce, the statement said.
The company will report to Prakash Sikaria, senior vice president and head of Flipkart’s growth charter, it added.
“India is one of the fastest growing markets for electronic goods, with smartphones being one of the most sought-after. There are many consumers who seek their own branded devices, but the prices are sometimes prohibitive. Yaantra fits perfectly here, ”said Sikaria.
Not only will this help Flipkart expand its commitment to meeting consumer needs, but it will also reduce the negative impact of overproduction on the environment given the company’s strong focus on sustainability.
Flipkart Senior Vice-President and Head (Corporate Development) Ravi Iyer said the company is constantly striving to find new ways to be more relevant to consumers and to address the growing consumer internet ecosystem in India.
“This approach includes strategic acquisitions and investments that expand the scope of our current offerings for customers to become the single point of contact for their digital needs.
“By acquiring Yaantra, we are enhancing our capabilities in an area critical to the growth of India’s digital economy and developing a comprehensive service ecosystem to support its expansion,” he added.
Jayant Jha, co-founder and CEO of Yaantra, said the company and Flipkart share a common goal of making technology affordable and available to all.
“We believe this association will prove to be a game changer in making the Indian refurbished product market a success and providing an even better experience for our consumers,” he added.
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