Flipkart Group on Thursday announced the acquisition of Yaantra, an electronics re-commerce company, for an undisclosed amount as part of efforts to strengthen its re-commerce business and enhance aftermarket offerings for its customers. in the smartphone segment.
The acquisition was made through FK Group Entity, F1 Info Solutions and Services, which is engaged in the business of providing comprehensive lifecycle management (repairs and retrofits) for various categories including mobility, consumer electronics, IT and IT peripherals. , AV and corporate solutions, in the B2B (business-to-business) segment, as announced.
Yaantra, incorporated in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, repairs and sells refurbished consumer technology products such as smartphones and laptops.
With this acquisition, Flipkart will provide a comprehensive services ecosystem for its customers that takes care of the entire smartphone lifecycle, the statement said.
Flipkart will allow greater access to affordable refurbished smartphones, offering value and convenience to end consumers, he added.
The re-commerce market in India is growing at a fast pace. However, the Indian smartphone refurbishment market is largely disorganized and fragmented, which has created trust and convenience issues for end consumers.
As part of this acquisition, the Yaantra team will help Flipkart build capabilities in this domain and accelerate its re-commerce expansion plans, the statement said.
The deal will report to Prakash Sikaria, Flipkart’s senior vice president and head of growth charter, he added.
“India is one of the fastest growing electronics markets, with smartphones being one of the most sought after. There is a large set of consumers who aspire to own-brand devices, but the prices are sometimes prohibitive. That’s where Yaantra fits in perfectly,” said Sikaria.
Not only will this help Flipkart increase its commitment to meeting consumer needs, 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 continually strives to find new ways to be more relevant to consumers and address India’s growing consumer internet ecosystem.
“This approach includes strategic acquisitions and investments that expand the scope of our current offerings so that customers become the one-stop shop for their digital needs.
“Through the acquisition of Yaantra, we are enhancing our capabilities in a domain critical to the growth of the digital economy in India, as well as developing a comprehensive services ecosystem to support its expansion,” he added.
Jayant Jha, co-founder and CEO of Yaantra, said the company shares with Flipkart a common goal of making technology accessible and available to everyone.
“We believe this association will be a game-changer in making the Indian retirement market a success and creating an even better experience for our consumers,” he added.
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