Badili Africa, a company that allows customers to trade in their old phones for new ones at friendly prices has raised $2.1 million in pre-seed funding. The funds are meant for the expansion of its operations across the continent, a market that’s touted as one of the fastest growing in the world.
The startup founded by serial entrepreneurs Rishabh Lawania (CEO) and Keshu Dubey (CTO), has been in operation since March this year and has expanded to over 37 towns in Kenya with about $2M in annual revenue.
Badili Africa has a platform where sellers express interest to sell their phones and then get an evaluation and a quote before determining the final price. The company then refurbishes and repackages these phones before selling them. They are resold with a one-year warranty, with the company saying they are just as good as new.
The investment was led by Venture Catalysts, V&R Africa, Grenfell holdings and SOSV with participation from family offices and angel investors from Kenya, Nigeria, South Africa and India.
“We are launching in Uganda and Tanzania and have established strong partnerships with original equipment manufacturers (OEMs). Within the next six months, we will be expanding to a few West African markets to get our foot in the door of some of the major markets in Africa,” said Rishabh Lawania
The company says most of its customers are individuals upgrading from a feature to a smartphone, and they believe they are serving a significant part of the market while enhancing smartphone penetration at an affordable rate.