Xtracover aims about three-fold increase in revenue to Rs 275 cr this fiscal – Times of India

Online after-sales services company Xtracover said that it aims to increase revenue by about three-fold to Rs 275 crore in the current financial year. Betting on the sale of refurbished smartphones and electronic devices, Xtracover founder and CEO Soumitra Gupta told PTI that it has clocked a revenue of over Rs 100 crore in FY22 and has become profitable in the first year of its operations.
“Indian consumers have started to trust refurbished products more after the pandemic that led to the market growth. Xtracover is the only company to offer the complete range of after-purchase services for electronic gadgets.
“Therefore, it intends to provide transparency to our customers to reduce their hesitation in buying a refurbished product. We have had a great FY2021-22 and have already charted a growth path for the next financial year,” Gupta noted.
Leveraging its experienced team, Xtracover has witnessed constant growth in the past year. The company intends to cross Rs 275 crore revenue target in FY 2022-23, he added.
Gupta said that Xtracover intends to increase its global outreach through export-oriented units (EOU) in India.
The company will get the goods from large customers overseas, refurbish them and ship them back. Xtracover will earn the service payment by shipping them back as India doesn’t allow importing scrapped goods, Gupta said.
Incepted in 2017 and operational from 2019, Xtracover is a bootstrapped company.
Gupta said that the organisation is looking to strengthen its operations and plans to raise USD 6 million via investors that will enable it to reach Rs 675 crore in FY2023-24. PTI PRS BAL BAL