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Updated February 7th, 2024 at 18:30 IST

ControlZ raises $3 million led by 9 Unicorn, Venture Catalysts

The renewed smartphones brand will focus on cost reduction and enhancing product quality through the fundraise

Business Desk
ControlZ
ControlZ | Image:Republic Business
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Fundraise: Renewed smartphones brand in the premium segment ControlZ has raised $3 million in a seed funding round led by 9 Unicorn and Venture Catalysts.

Raised via a combination of debt and equity, the funding will be utilised for automation and testing labs at par with OEMs. to give phones at reduced cost and enhance quality of phones in the pre-owned category.

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Yug Bhatia, Founder and CEO of ControlZ said the company aims to further strengthen technology by automating the complete renewal process, and increasing the life cycle of devices.

Founded in 2020, the company focuses on both cosmetic and functional renewal, extending the device's life cycle and thereby reducing the carbon footprint of smartphone manufacturing for a positive impact on the environment.

The Gurugram based company in 2023 said the estimated value for refurbished smartphones is about $4 billion in India itself.

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The startup aims to increase the life cycle of devices, ultimately reducing the carbon footprint of smartphone manufacturing that is over 85-95 per cent of the annual carbon footprint of a device.

The firm claims to increase the phone’s lifecycle to the longest, thereby trying to reduce the environmental impact of manufacturing new devices.

Apoorva Ranjan Sharma, Cofounder and Managing Director, Venture Catalysts said “ControlZ is making a massive impact on the environment by helping reduce e-waste in the $70 billion pre-owned smartphone segment. We expect ControlZ to be a market leader in the segment in the next three years, with their advanced facility for premium brands thus accelerating their positioning in the fast-growing sector while making an impactful environmental difference."

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The company had invested $2 million in November last year to set up a standalone repair facility. It aims to reach a revenue of Rs 100 crore by FY25, a year later than its initial target of achieving the revenue in FY24 itself. 

 

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Published February 7th, 2024 at 18:30 IST

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