# Fuevation Technology Solutions Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fuevation-technology-solutions-private

- Industry: Consumer Products
- Headquarters: Gurgaon, India
- Website: www.mobigarage.com
- Total disclosed funding: $0.2M
- Latest round: Seed (Jun 20, 2023)
- Investors on record: 3

## About

Fuevation Technology Solutions Private Limited offers innovative refurbishment solutions for pre-owned smartphones, ensuring quality and functionality for consumers across India. Their services empower accessibility to affordable mobile devices while promoting sustainability in the tech industry.Fuevation Technology Solutions Private Limited, founded in 2017 and headquartered in Gurgaon, India, specializes in refurbishing and reselling pre-owned smartphones. The company has successfully completed 5 deals, with their latest funding round being a Seed round in June 2023, led by SOSV, raising INR 69.7 mn, bringing the total amount raised to INR 69.7 mn. The company is founded by Pulkit Kapoor, who has previous entrepreneurial experience.MobiGarage, a service by Fuevation Technology Solutions, specializes in refurbishing pre-owned smartphones, providing services such as spare parts procurement, cleaning, restoration, and rigorous testing to ensure quality. They cater to over 21,000 partner retailers across more than 19,000 pincodes in India, focusing on making affordable smartphones accessible to both urban and rural consumers while promoting sustainability by reducing e-waste.In the most recent financial year, MobiGarage reported a revenue of INR 3,467,307.80 with an EBITDA of INR -110,901.90. The company processes around 20,000 orders monthly, primarily through B2B partnerships that involve bulk sales of refurbished devices, supported by a proprietary platform that showcases a wide inventory from over 10 brands.Fuevation Technology Solutions aims to enhance its product offerings by launching new smartphone models tailored for specific market needs, with expected releases in late 2024. They plan to expand their operations into tier 2 cities and rural areas of India by 2025, leveraging recent funding raised in June 2023 to support these initiatives. The funds will be used to scale their refurbishment processes and enhance their marketing efforts to establish a stronger presence in the targeted regions.

## Funding rounds

- Seed, Jun 20, 2023 — Orbit Ventures
- Seed, May 6, 2021 — SOSV, MOX
- Series A, Jan 15, 2021, $0.1M — SOSV, MOX
- Seed, Aug 10, 2020, $0.1M — SOSV, MOX

## Investors

- SOSV (https://capitalatlas.ai/funds/sosv) — Seed, Series A
- MOX — Seed, Series A
- Orbit Ventures (https://capitalatlas.ai/funds/orbit-ventures) — Seed