Vakrangee ties up with Digify to sell refurbished smartphones

Vakrangee has partnered with Digify Televentures to offer sale of refurbished smartphones across its network.

Customer will be able to buy refurbished smart phone as well as mobile accessories at best prices along with assured quality and warranty through Vakrangee Kendra outlets.

Noida-based Digify is a recommerce platform. The company has developed a machine learning-based, instant price discovery algorithm which gives the best price for the old smartphone coming for sale. With its 37 points quality certification, authenticated IMEI, consistent supplies, smart assortment & completely digital transactions it provides an excellent opportunity for customers to upgrade to a smartphone at better value.

Digify has completely digital platform to buy & sell smart devices. It serves > 95% Pin Codes nationally through its distributors, retailers and Digify exclusive stores. Digify exclusive stores is slowly making inroads into Tier 2/3/Rural markets.

Dinesh Nandwana, managing director & group CEO, Vakrangee said, "We are happy to partner with Digify to facilitate our customers with much needed access to high quality refurbished smartphones at affordable prices in both urban as well rural remote areas. With this partnership, we have strategically added another service at our Kendras making them into one stop shop for all the requirements of our customers. This tie-up shall help citizens especially in the unserved and underserved rural locations to fulfil their desire of owing & using a smartphones."

Gautam Malik, co-founder & director, Digify said, "Its indeed our pleasure to engage with Vakrangee to help serve the rural consumers and provide them with a Value for Money smartphone which gives Best Quality at an affordable price. Am sure with Vakrangee scale of distribution we would serve the consumers as well as the same provide an excellent rural entrepreneurship opportunity to rural retailers."

The current smartphones market penetration of 52%, and is projected to hit 70% by exit 2023. With close to 70 crore Indians owning a smartphone and with the replacement cycle being 1.9 years and reducing, there is a market of around 20 crore smartphones being sold in the replacement market. Close to 95%+ is unorganised with about 1 crore refurbished smartphones sold last year (organised sector) which is mere 5% of the total Indian Market (20 crores units). Thus the organised smartphone replacement market (pre-owned & refurbished) would witness exponential growth.

Vakrangee is India's largest last mile distribution platform with a physical as well as digital eco-system in place with a pan-India presence. It is delivering real-time banking & financial services, ATM, insurance, e-governance and e-commerce services (including Healthcare services) to the unserved rural, semi-urban and urban markets and enabling Indians to benefit from financial, social and digital inclusion.

On a consolidated basis, net profit of Vakrangee declined 81.97% to Rs 4.82 crore on 12.97% rise in net sales to Rs 234.07 crore in Q2 September 2022 over Q2 September 2021.

Shares of Vakrangee rose 1.65% to Rs 27.75 on Friday, 30 December 2022.

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