Vakrangee Limited partners with Digify

Vakrangee Limited (Vakrangee) has partnered with Digify Televentures Private Limited (Digify) 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.

Smartphones are an essential part of our lives. The current market penetration of 52% 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 (Preowned & Refurbished) would witness exponential growth.

Vakrangee Kendras are exclusive Branded format outlets offering a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance and Total Healthcare. With 82% of Vakrangee Kendra outlets in Tier-4 to 6 locations, this partnership will enable Vakrangee to provide access to sale of refurbished smartphones in the most remote parts of the country by offering the product through its 24,887+ Vakrangee Kendras.

Commenting on this partnership, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. 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 tieup shall help citizens especially in the unserved and underserved rural locations to fulfil their desire of owing & using a smartphones.

We are aspiring to be the most trustworthy physical as well as online convenience store across India, positively moving towards Vakrangee Kendra's new brand philosophy of 'AB Poori Duniya Pados Mein'."

Commenting on this partnership, Mr. 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."

Vakrangee currently has ~24,887+ Vakrangee Kendras spread across 32 States & UTs, 595 districts and 5,830+ postal codes. More than 80% of these outlets are in Tier 4 to 6 locations. Vakrangee's planned target is to reach at least 75,000 Nextgen Vakrangee Kendras within.

The Company has tied up with reputed partners spread across Banking, ATM, Insurance, Financial services, e-Commerce, e-Governance and Total Healthcare verticals to offer its customers best-in-class services and products.

Shares of Vakrangee Limited was last trading in BSE at Rs. 27.75 as compared to the previous close of Rs. 27.30. The total number of shares traded during the day was 382192 in over 1205 trades.

The stock hit an intraday high of Rs. 28.05 and intraday low of 27.45. The net turnover during the day was Rs. 10636485.00.

Source : Equity Bulls

Keywords

Vakrangee INE051B01021 Partnership DigifyTeleventures RefurbishedSmartphones