online after sales service company extracover He said that the target is to increase the revenue by almost three times to Rs 275 crore in the current financial year. Bets on sales of refurbished smartphones and electronics, Xtracover founder and CEO Saumitra Gupta told PTI that it has generated revenue of over Rs 100 crore in FY22 and turned profitable in its first year of operations.
“Indian consumers have started relying more on refurbished products after the pandemic which has led to a growth in the market. Xtracover is the only company that offers a full range of post-purchase services for electronic gadgets.
Gupta said, “Therefore, it intends to provide transparency to our customers to reduce their hesitation in buying a refurbished product. We have a great FY 2021-22 and are already looking forward to the next financial year. The development path chart has been prepared.
Leveraging on its experienced team, Xtracover has seen steady growth over the past year. He said the company intends to cross the revenue target of Rs 275 crore in FY 2022-23.
Gupta said Xtracover intends to increase its global reach through export-oriented units (EOUs) in India.
The company will receive goods from large customers overseas, refurbish them and ship them back. Gupta said Xtracover will earn service payments by shipping them back as India does not allow the import of scrap goods.
Established in 2017 and operational since 2019, Xtracover is a bootstrapped company.
Gupta said the organization is looking to strengthen its operations and plans to raise USD 6 million through investors which will enable it to reach Rs 675 crore in FY 2023-24. PTI PRS Bal Bali