Xtracover aims about three-fold increase in revenue to Rs 275 cr this fiscal

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Online after sales service company Extracover It aims to increase revenue almost threefold to Rs 275 crore in the current financial year. Betting on Sales of Reformed Smartphones and Electronic Devices, Founder and CEO of Extracover Soumitra Gupta PTI reported that it has earned over Rs 100 crore in FY22 and has been profitable in the first year of its operations.
“Indian consumers are becoming more confident in new products after the epidemic that led to market growth. Xtracover is the only company offering a full range of after-sales services for electronic gadgets.
“Therefore, it wants to provide transparency to our customers to reduce their hesitation in buying a refined product. We had a great FY2021-22 and we have already set a growth path for the next financial year,” Gupta noted.
Utilizing his experienced team, Xtracover has witnessed steady growth over the past year. The company wants to surpass the revenue target of Rs 275 crore in FY 2022-23, he added.
Gupta says Xtracover wants to increase its global reach in India through its Export-Based Unit (EOU).
The company will receive products from large overseas customers, renew them and return them. Xtracover will monetize the service by sending them back because India does not allow import of scrapped products, Gupta said.
Founded in 2017 and effective from 2019, Xtracover is a bootstrapped company.
Gupta said the company wants to strengthen its operations and plans to raise USD 6 million through investors which will enable it to reach Rs 675 crore in FY2023-24. PTI PRS Ball Ball




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