Yaantra, a company into repairing and refurbishing of smartphones, has raised $3.1 million (about ₹20 crore) in its fourth round of funding from existing investors — private equity fund Carpediem Capital and family office Duane Park.

With the latest round of funding, the company, which was founded in 2013 by entrepreneurs Jayant Jha, Ankit Saraf and Anmol Gupta, has till date raised a total of $10 million.

“The majority of the capital will be deployed to enhance our e-commerce platform and improve its technical capabilities as we intend to bring in more Yaantra-certified retailers on to it. Further, a part of the funds will also be used to expand our geographical presence,” Chief Executive Officer Jha told BusinessLine .

The company intends to double the number of retailers on its platform to 30,000 by the end of this financial year, and expand to 25 cities by the end of next fiscal.

“We will start our foray into tier II and III cities post Diwali,” he added.

In September 2016, the company had raised about $6 million in Series A funding from Carpediem Capital and Duane Park. Prior to that, it had raised about $200,000 from the Indian Angel Network, which exited the firm two years later.

Yaantra sells refurbished multi-brand smartphones with warranty across the country and provides on-demand multi-brand smartphone repair services across New Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad and Ahmedabad. The company, which employs more than 700 people, has a capacity to repair and refurbish over 1 lakh smartphones per month, it said.

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