Flipkart Group on Thursday (Jan. 13) acquired electronics recommerce platform Yaantra for an undisclosed amount in a move to boost its after-sale offerings to smartphone customers, according to a Gadgets 360 report.
Yaantra joins FK Group entity F1 Info Solutions and Services, which offers repairs and refurbishment for various categories in the B2B segment, including mobility, consumer electronics, IT and IT peripherals, AV and enterprise solutions, according to a statement.
Yaantra, which was incorporated in 2013 by Jayant Jha, Ankit Saraf, and Anmol Gupta, repairs and sells refurbished consumer tech products, such as smartphones and laptops. Flipkart will now provide a comprehensive service ecosystem to its customers that takes care of the entire lifecycle of smartphones and have better access to affordable refurbished smartphones.
Yaantra’s will help Flipkart build capabilities in the smartphone sector and boost its recommerce growth plans, according to the joint announcement.
“India is one of the fastest-growing markets for electronic goods, with smartphones being one of the most in-demand,” said Prakash Sikaria, senior vice president and head of Flipkart’s growth charter. “There is a large set of consumers who aspire to own branded devices, but prices are sometimes prohibitive. This is where Yaantra fits in perfectly.”
Yaantra CEO and Co-founder Jha said the two companies 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,” he said.
Related: Flipkart, Rupifi Team on Embedded BNPL for MSMBs
In October, Flipkart and Indian lending FinTech company Rupifi collaborated on an embedded buy now, pay later (BNPL) initiative for the micro, small and medium-sized businesses (MSMBs) on Flipkart’s eCommerce platform, giving Indian family-owned shop owners and MSMBs digital credit with flexible repayment terms and transparent pricing.
In September, Flipkart Wholesale, a digital B2B marketplace, teamed with Davinta Financial Services to offer BNPL option terms to Flipkart’s small and medium-sized business (SMB) customers, allowing Flipkart Wholesale to offer extended payment terms to customers who are ineligible for traditional credit cards. India has more than 60 million SMBs.
Flipkart is also working toward going public at a $35 billion valuation.
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