Mumbai/UNI: E-commerce platform Flipkart on Thursday said it has acquired Yaantra, an electronics recommerce company, to strengthen its recommerce business and enhance after-sale offerings for its customers in the smartphones segment.
The company did not disclose details on the size of the deal.
“With this acquisition, Flipkart will provide a comprehensive service ecosystem to its customers that takes care of the entire life cycle of smartphones,” the company said in a statement here.
Even though the recommerce market in India is growing at a rapid pace, the Indian smartphone refurbishment market is largely unorganized and fragmented, which has posed trust and convenience issues for end consumers, it said.
Incorporated in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, Yaantra, is engaged in repairs and selling of refurbished consumer tech products such as smartphones and laptops.
“At Flipkart, we continuously strive to find new ways to be more relevant to consumers and address the growing consumer internet ecosystem in India. This approach includes strategic acquisitions and investments that broaden the scope of our current offerings for customers to become the one-stop destination for their digital needs,” Flipkart Senior Vice President and Head Corporate Development Ravi Iyer said.
Through the acquisition of Yaantra, the company is enhancing its capabilities in a domain that is critical for the growth of the digital economy in India, as well as developing a comprehensive service ecosystem to support its expansion, he added.
Yaantra Co-Founder and CEO Jayant Jha said, “At Yaantra, we have been able to successfully drive the smartphone recommerce to the next level with our deep understanding of the sector and technology. At this juncture, we are delighted to join forces with the Flipkart Group as we share a common objective of making technology affordable and available for all. We believe this association will prove to be a game-changer in making the Indian refurbished market a success and creating an even better experience for our consumers.”