YNew to expand services in used gadgets

YNew, which deals into used and refurbished lifestyle gadgets, plans to open 50 franchise stores pan-India by 2016. Under this, it would roll out four stores in Hyderabad in the current financial year, said Dashradh Ram Nutakki, its founder.    

The company has earmarked Rs 2.5 crore for exploring opportunities in the organised used products services. It had launched a pilot store here with an investment of Rs 20 lakh in April.

YNew, which Nutakki said was a first-of-its-kind initiative, facilitates sale and buy of smart phones, tablets, laptops, desktops and televisions through its physical platform. The products put on sale usually undergo a process of internal testing and certification, involving 13 checks.

For its services to sellers, YNew charges commission in the range of 5-12 per cent, depending on the ask price of the products. It arrives at the ask price by examining cosmetic damages, working condition and the prevailing demand. Nutakki said, “YNew plans to establish presence in a location that has 100 stores transacting in lifestyle products.”  

The venture, promoted by Hyderabad-headquartered Sloyd Ventures Private Ltd, was essentially launched to cater to the needs of individuals. However, it is also witnessing good traction from refurbishers, according to Nutakki.  It also recently started on-call repairs and refurbishments service.