Save, a phone repairs startup has raised $16.7 million in equity and debt financing from IdInvest, 360 Capital Partners and business angels like Xavier Niel.
Founded in 2013 as Savemysmartphone, Save is a smartphone repair service marketplace is knows for its transparency to the market. The offer same prices for same services like ‘broken battery’ no matter if the item is couriered or drop into the store located across 300 retail locations in France. It also offers 1-year guarantee on the repairs which reasons out the company growing from 20,000 Euros to 1.3 million euros in a matter of 2 years.
With the matter of the speedy growth in the IoT market, there would be lot more connected smart gadgets that may demand repairs and service which shows the tremendous scope for Save to grow. It currently functions with 250 repairmen and repairwomen. “We over plan everything because we need to create processes to foster growth. We try to open a point of sale every day. An HR team comes one day and one day only in a city a month and a half before launching in this city. Then, candidates get a month of in-house training. In the meantime, we manufacture the stand,” said Damien Morin, founder of Save. This growth strategy of the company is quite impressive and reasons out the many store outlets of the company.
Though it may look like the fast growth rate may fall apart but the company claims to be sure about what it’s doing. It grows at the rate of 5% every week and it has been hiring dozens and dozens of people every month in the last year to meet the growing demands.