Gozefo, an online marketplace for used furniture and appliances, has announced that it has raised ₹60 crore in Series B funding round. The investment comes from Sequoia Capital, Helion Venture Partners and Beenext Pte. Ltd.
The company said that it will use the money to widen operations, improve customer care, expand inventory and hire fresh talent.
Rohit Subramanian, CEO of the startup, said,
Our core focus of offering a standardized, transparent, high-trust and convenient way for people to buy and sell their products online has helped us establish our presence as the preferred used goods marketplace in the country. We will continue to strengthen these aspects with focus on technology and operations to further enhance our customer experience.
Gozefo.com, a brand of Zefo which is owned by Zero Effort Technologies, started selling used furniture and home appliances in 2015. It was founded by Rohit Ramasubramanian, Karan Gupta, Himesh Joshi and Arjit Gupta.
A couple of months ago, the company also started selling mobile phones in select cities. It sells both — used products as well as unboxed goods from manufacturers. Previously, the company had raised ₹39 crore ($6 million) in November last year.
Currently, it is operating in Bengaluru, Mysore, Delhi, Gurgaon, Noida and Mumbai. It claims to have over 10,000 products across categories like beds, sofas, dining sets, wardrobes, TVs, washing machines, refrigerators and air-conditioners.
Most of the products on its portal are sourced from consumers who sell used products. It also sources furniture from e-commerce marketplaces like Flipkart, Amazon, UrbanLadder and Pepperfry.
Company’s CEO Rohit Ramasubramanian says that the second-hand market is a low-trust market, and Zefo is trying to solve it by bringing convenience to used goods buyers by investing in customer care and refurbishing.