ControlZ Raises $3 Million in Seed Funding
- ByStartupStory | February 8, 2024
Renewed smartphone brand ControlZ has secured $3 million (approximately INR 24.9 crore) in seed funding co-led by 9 Unicorn and Venture Catalysts, through a combination of debt and equity infusion.
The startup intends to utilize the fresh funding to enhance its automation capabilities and establish advanced testing labs comparable to original equipment manufacturers (OEMs) to ensure that pre-owned smartphones are refurbished to a “just like new” standard. Additionally, a portion of the proceeds will be allocated to drive growth, improve product quality, and lower costs for customers.
Founded by Yug Bhatia, ControlZ specializes in renewing pre-owned devices at the component level, both cosmetically and functionally, thereby extending their life cycle. The brand claims to offer consumers products that appear indistinguishable from new.
Yug Bhatia stated, “With these resources, we aim to further strengthen our technology by automating the complete renewal process. Our efforts are towards increasing the lifecycle of as many devices as possible because if a fraction of the resources used in making new phones were used in renewing, the world would be a better place.”
This funding for the smartphone renewal brand comes at a time when the Indian smartphone industry is witnessing significant growth, with major global manufacturers expanding their presence in the country. According to a market study by Canalys, Samsung led the Indian smartphone market in Q3 2023 with a 18% market share and shipments of 7.9 million units. Xiaomi secured the second position with 7.6 million units shipped, followed closely by Vivo, Realme, and OPPO.
While companies like Apple, Google, and Motorola are increasing their manufacturing efforts in India to capitalize on growth opportunities, there were reports that the government is considering reducing import duties on smartphones. However, no further developments have been reported.
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