India, May 12, 2022: Xtracover, an e-commerce platform that caters to a gamut of after-sales services for smartphones and other electronic devices has announced that it has clocked a revenue of over INR 100 crore in FY2021-22. With a vision to make refurbished devices a valued choice, if not a preferred one among the Indian consumers, the company achieved this significant milestone within the first year of unhindered operations.
The stigma attached to buying a used device and the lack of after-sales services made India’s refurbishment sector a slow-progressing industry. However, people have become more price-conscious after the pandemic-induced economic slowdown. Leveraging its experienced team, Xtracover has witnessed constant growth in the past year. The company intends to cross INR 275 crore revenue target in FY2022-23.
Incepted in 2017 and operational from 2019, Xtracover is primarily a bootstrapped company with just an initial marketing funding. The organization is looking to strengthen its operations and plans to raise USD 6 million via investors, enabling us to reach INR 675 crore in FY2023-24.
Speaking on the stellar growth, Soumitra Gupta, Founder and CEO of Xtracover, said, “Indian consumers have started to trust refurbished products more after the pandemic that led to the market growth. Xtracover is the only company to offer the complete range of after-purchase services for electronic gadgets. Therefore, it intends to provide transparency to our customers to reduce their hesitation in buying a refurbished product. We have had a great FY2021-22 and have already charted a growth path for the next financial year. We believe that Xtracover is poised to take a giant leap and become one of the go-to companies for refurbishment.”
Xtracover intends to increase its global outreach through Export-Oriented Units (EOU) in India. The company will get the goods from large customers overseas, refurbish them and ship them back. It aims to earn the service payment by shipping them back as India doesn’t allow importing scrapped goods.