ReGlobe bags funding to help Indians sell their used gadgets in just 24 hours

ReGlobe, a site where people in India can sell used electronic goods, announced today that it has raised an undisclosed amount in seed funding led by Bessemer Venture Partners (BVP) and Blume Ventures.

ReGlobe facilitates the sale of used electronic gadgetry, such as laptops, mobile phones, and tablets. The company gives a price quote for products within a day of posting, and after a deal is finalised, arranges to have the product picked up from the consumer’s home directly. The devices are then refurbished and sold to merchants dealing in pre-owned gadgets.

“With ReGlobe we want to ensure that our users get a fair, guaranteed price while maintaining their privacy when they sell second hand goods. When users come onto our platform, we provide them an instant quote, free pick-up and cash in hand,” says Nakul Kumar, co-founder of ReGlobe.

Currently, the startup caters to 14 cities in India which include Delhi, Mumbai, and Bangalore. It plans to more than double the presence to 30 cities with the funding.

ReGlobe will also expand rapidly to other product categories.

The market for used goods and recycled products is expected to cross US$18.4 billion by 2015, according to a report by Associated Chambers of Commerce and Industry of India.

Indians have been selling their used goods on online free classifieds sites like Steadview Capital-backed Quickr and Tiger Global-backed Olx. However, unlike ReGlobe, such sites did not take the onus of logistics upon themselves, functioning mainly as a customer-to-customer marketplace.

Recently, a number of logistics startups, including VC-backed Blowhorn, have emerged in India. These startups claim that they get a significant chunk of their orders from buyers and sellers on these classifieds sites.