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French refurbished marketplace startup, Back Market raises $120 million

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You must have noticed how the smartphone prices are going up day by day. It is seen that the prices of Apple iPhones are touching the $1000 mark and some models have already touched this barrier. While Android phones are also not behind as they are also coming at the same price and people are hesitant to buy them. However, we know that there is a reason why many of them are priced so high which is that they have great hardware and design as well as their life is also longer. Due to this reason, people still like to buy those devices but the starting price at launch is just too high for them. Then Refurbished smartphones are a good option.
Back marketFor this reason, many customers have started to buy refurbished smartphones which are nothing but phones that have some defects or have been sold after use or are dead. The manufacturers or third-party repair shops would then repair those phones and sell them as “refurbished”. There is now a startup from France dedicated to this purpose which is named Back Market. In this marketplace, you will all the flagship phones from the last 2-3 years being sold at half the price of what they were launched at.

It is also claimed that they are in mint condition without any scratches which are how many would like to keep their phones since it is always in a case. Talking about this unique Startup, Back Market raises funding $120 million for its marketplace. As far as refurbishing is concerned, Back Market does not do it by themselves but they outsource the product to partners with certified sellers and let them list their items on the site.
Back market

Also, Back Market provides a no-questions-asked 30-day return policy as well as 12 months of warranty which is unheard of for refurbished products. Back Market says that the new funding will not be used to expand to new markets. Instead, they will double down on their core markets such as the US, the UK, and Germany.

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70% of Indian startups might go bankrupt in the next three months