Taiwanese electronics maker Foxconn to invest $70m in refurbished goods seller Greendust

Visual from the RLC website, September 2015

Taiwanese contract manufacturing company Foxconn has agreed to invest about Rs 460 crore ($70 million) in refurbished goods retailer Greendust that is owned and operated by Delhi-based Reverse Logistics Co., as reported by ET tech. This deal comes close on the heels of the deal that was inked between Foxconn and Snapdeal a few weeks ago.

Reverse logistics refurbishes damaged or defective electronic products and sells them on the Greendust portal as well as through offline stores. The company has also partnered with eBay India for selling its refurbished goods, specifically in the smaller markets across the country. Its clientele in India includes Samsung, Amazon.com, LG and Philips.

Hitendra Chaturvedi, founder and chief executive of Reverse Logistics, confirmed the talks, but said the deal was yet to be finalised. At a conference in New Delhi last month, Foxconn chairman Terry Gou too had disclosed that the deal with Greendust was almost final.

Greendust is currently valued at about $250 million, and the valuation is expected to surge post funding. The company is also in talks Falcon Edge Capital and Meru Capital for potential investments.

Reserve Logistics was founded in 2008 by Chaturvedi, a computer engineer from IIT Roorkee and an MS and MBA from the US. Before starting GreenDust, he was the business unit head for Microsoft’s OEM business in India and has over 20 years of experience in software/IT, multi-channel retail, and supply chain solutions.

For Foxconn, this deal is imperative as it’s betting big on India’s start-up ecosystem. The company, famous for making parts for Apple, has decided to invest a whopping $5 billion in India with a view to profit from the world’s fastest expanding market of smartphones. It is also looking to manufacture products beyond smartphones such as televisions, routers, switches, storage equipment and batteries among other devices.in India.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.