Foxconn Technology, Others May Invest In Greendust

Industry:    2015-11-24

Delhi based Reverse Logistics Company Pvt Ltd (RLC), which operates under the brand GreenDust, an e-commerce platform for refurbished goods, is planning to raise about R460 Cr ($65 Mn – $70 Mn). The company is in advance talks with Taiwanese contract manufacturer Foxconn Technology Group, hedge funds Edge Capital and Meru Capital for potential investments. Founded in 2008 by Hitendra Chaturvedi, Greendust refurbishes damaged or defective electronic products and sells them on the portal as well as through offline stores. It works with OEMs to pick factory-rejected products and refurbishes them to sell online and also through its 250-plus franchise stores across India and it claims to have partnered with more than 40 brands for over a lakh products. The company has so far raised over R180 Cr ($27 Mn) and its investors includes Lightbox Ventures, Vertex Ventures and Sherpalo Ventures. Recently, e-commerce firm Snapdeal had announced that it had received $500 million from Alibaba Group, Foxconn and SoftBank even as eBay has divested part of its stake in the company. Its existing investors Temasek, BlackRock, Myriad and Premji Invest have also participated in the round.

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