Xtracover cocks revenue of over INR 100 crore in FY2021-22; aims to acheive more in FY23

Xtracover is an e-commerce platform that offers a variety of after-sales services for a variety of electronic devices. It covers smartphones and other electronic devices. The platform recently stated that following the FY2021-22 they have cloaked a revenue of over INR 100 crore. The firm accomplished this huge milestone within the first year of uninterrupted operations with the goal of making reconditioned gadgets more valuable.

Because of the stigma associated with purchasing a used gadget and the absence of after-sales services, India’s refurbishing business has been reluctant to develop. After the pandemic-induced economic slump, however, consumers have also grown increasingly price cautious. 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.

Xtracover cocks revenue of over INR 100 crore in FY2021-22

Xtracover was founded in 2017 and has been functioning since 2019. It is essentially a bootstrapped startup with just early marketing investment. In order to improve its activities and strengthen its name, the group seeks to obtain USD 6 million from investors, bringing the total amount raised to 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 corporation will obtain the goods from huge clients in other countries, refurbish them, and ship them back to the United States. It intends to recoup the service fee by returning them to India, which prohibits the import of discarded products.

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