Breathing new life into old devices

Big ideas often pop up during serious discussions or just out of the blue. But, what if your frantic search for something gives you an idea to bet on a business model that is a first- of- its- kind? Despite initial hiccups, Dasharadh Ram Nuttaki wanted to launch a platform to sell and buy second- hand screen- based devices, offline.

In August 2012, Mr Nuttaki went a step further and founded Sloyd Ventures Pvt. Ltd with cofounder Mitesh Majithia with an investment of $ 0.5 million.

“I was frantically looking to sell my wife's smartphone online on Olx. I had a tough time finding a buyer. In the process, I also realised that it was difficult because there is no trust factor here,” Mr Nuttaki explains.

Given that such transactions have to happen offline, “one does not know whether the handset is a faulty piece unless you possess it, after buying. And, there’s no guarantee that you can hold the seller responsible for it once you’ve paid the money,” he reveals.

That, planted the “recommerce” seed in Ram which he initiated after carrying a pilot study in Hyderabad and discovered that second- hand screen- based devices had the demand for which there was no supply.

“Those wanting to own fancy devices can always look up to YNew,” he quips.

His work experience, Mr Nuttaki says, has helped him. “I worked in the consultancy business for 8 years,” he says. Prior to that, he pursued his post graduation in Management from Siva Sivani Institute of Management and his BBM degree from B a n g a l o r e University. “The aim behind launching the YNew concept of offline stores

was to build trust and responsibility factor between the buyer and seller and make the transaction transparent,” Mr Nuttaki describes.

The offline model is more feasible, he says, continuing, “here, the buyer is aware of the seller and vice- versa.”

YNew also checks the device based on scientific standards and decides its price. He says that the ID proof of the seller is taken and once the deal is struck, the bank account details are taken and the money is transferred.

YNew also enables a seller to register online, but the transaction has to happen offline at their outlets. According to the 36- year- old founder, screen- based devices include smartphones, TVs, tablets, laptops and desktops.

Elaborating on the company’s plans, Mr Nuttaki reveals, they plan to open 50 re- commerce stores across India by 2016, of which 10 will be in Andhra Pradesh.

“The idea is to eventually develop Sloyd Ventures into a franchise conglomerate with multiple brands under the its umbrella,” he informs.