Aims for OEM-level efficiency by investing significantly in testing labs and automation to bring out world-class quality renewed smartphones
ControlZ, a leading brand in the premium renewed smartphones segment, today announced that it has raised $3 million in its seed funding, co-led by 9 Unicorn and Venture Catalysts, a prominent venture capital firm, and a leading investment group respectively. This funding is a combination of debt and equity. The company is set to capitalize on the funding to further fortify its automation excellence while benchmarking towards advanced testing labs on par with OEMs to ensure just like new smartphones in the pre-owned category.
This funding is a testament to ControlZ’s marquee position in the industry, as the only company raising the bar of quality in the pre-owned smartphone segment through its globally recognised technologically advanced renewal processes. The brand aims to strategically deploy this capital injection to drive growth and bring in advancements in the overall ecosystem with the core objective of further elevating the quality of its products and reducing costs for its customers.
The company is vividly known for increasing the phone's lifecycle to the longest and thereby trying to reduce the environmental impact of manufacturing new devices.
“We are thrilled to have secured this key funding from our investors. With this development, we are certain about raising the overall industry standards,” said Mr. Yug Bhatia, Founder and CEO of ControlZ. “This funding is not only a significant milestone for ControlZ, but it also represents a shared belief in our ambition to organize the pre-owned smartphone industry. 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 possible because if a fraction of the resources used in making new phones were used in renewing, the world would be a better place,” he continued.
Dr Apoorva Ranjan Sharma, Cofounder and Managing Director, Venture Catalysts stated, “Our investment in ControlZ asserts and strengthens our commitment as an investor to helping scale startups working in the sustainable sector. 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 this fast-growing sector while making an impactful environmental difference.”
Since its launch, ControlZ has aimed to revolutionize the renewed smartphone industry by offering products that are ‘Just like New’. The successful seed funding round marks a significant milestone for ControlZ, bolstering its position as a leading player in the renewed smartphone space. The company is excited to embark on the next phase of its journey, utilizing the new capital injection to drive innovation and positively impact the industry.
Delhi, 7th February 2024
