Gurugram, 08 February 2024 – ControlZ, the emerging player in smartphone renewal, has successfully secured $3 million in seed funding in a round co-led by 9 Unicorn and Venture Catalysts. This funding, a combination of debt and equity infusion, marks a significant step for the renewed smartphone brand.
What is ControlZ?
ControlZ, founded by Yug Bhatia, aims to leverage the freshly acquired funds to bolster its automation capabilities. The company plans to establish advanced testing labs on par with original equipment manufacturers (OEMs). This strategic move is geared towards ensuring that pre-owned smartphones undergo refurbishment processes that adhere to a “just like new” standard.
Specializing in renewing pre-owned devices at the component level, both cosmetically and functionally, ControlZ endeavours to extend the life cycle of smartphones. The brand emphasizes delivering products to consumers that are virtually indistinguishable from new devices. Yug Bhatia expressed, “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 as possible because if a fraction of the resources used in making new phones were used in renewing, the world would be a better place.”
Strategic Allocation of Funds by ControlZ: Growth, Quality Improvement, and Cost Reduction
A portion of the raised capital will be strategically allocated to drive growth, enhance product quality, and optimize costs for customers. ControlZ envisions positioning itself as a frontrunner in the competitive landscape of renewed smartphones, focusing on delivering quality and cost-effective solutions to tech-savvy consumers.
The funding comes at a crucial juncture for ControlZ, coinciding with the rapid growth of the Indian smartphone industry. Major global manufacturers, including Samsung, Xiaomi, Vivo, Realme, and OPPO, are actively expanding their presence in the country. In Q3 2023, Samsung led the market with an 18% share and shipments of 7.9 million units, closely followed by Xiaomi.
While industry giants like Apple, Google, and Motorola are ramping up their manufacturing efforts in India to capitalize on growth opportunities, there have been speculations about potential reductions in import duties on smartphones by the government. However, as of now, no official developments have been reported. ControlZ’s strategic funding positions the brand to navigate this dynamic landscape and contribute to the sustainable renewal of smartphones in the Indian market.
