In the 43rd episode of TC Show Off, a weekly initiative that provides startups a platform to showcase their businesses, BuyBackMart.com founder Shaikh Miron talks about how his company’s online platform for used electronic goods provides sellers with instant cash on pickup.
Pune-based BuyBackMart.com claims to be the internet’s first ‘re-commerce’ marketplace for used electronic products.
“Selling used electronics is a big problem in today’s world. Such goods either go waste or sell at a very low price. With our site, owners can simply enter the product model and its current condition. An online calculator would instantly quote a price which you get through our network of certified buyers,” said Miron, an alumnus of Maharashtra Institute of Technology.
The prices are then compared and the best selling price is offered to the customer.
If the customer agrees to the quote and decides to sell his product, a pickup is arranged within the next 36 working hours. “We provide the seller with cash on pickup. This is how we save his/her time and money,” added Miron.
The company claims that it gives users the flexibility of easy monthly installments, a facility that never existed in this space earlier, Miron says.
The one-year old BuyBackMart.com also says that it is the internet’s first platform which manages after sales service of products sold/brought on its platform.
The company, which is currently operational in Pune, Mumbai, Bangalore and Kolkata, charges about 4-5 per cent as commission from both the buyers and sellers. It gets around gets 2-3 online orders every day, he added.
The startup currently deals with mobiles, tablets, laptops, AIO desktops, MacBooks and other devices. BuyBackMart is looking for external funding to fuel its expansion plans. “We are looking to raise $17 million to expand operations into other cities,” he added.
The used electronics market presents a huge growth opportunity in India. “In 2014, the market was estimated to be around about Rs 22,000 crore. Online sale of used goods has increased three fold the last year alone,” Miron said.