ListUp, Certified Used Electronics Platform, Aims to Disrupt Indian Classifieds With its Unique Approach to Solve Trust and Price Discovery in Used Goods

BENGALURU, November 8, 2017 /PRNewswire/ --

Bengaluru-based startup, ListUp, has introduced a novel way allowing its users to buy certified pre-owned electronics at 50-70% of market prices and built a platform for people to sell their electronics at best possible prices instantly or via C2C auctions. ListUp is currently witnessing 70% MoM growth and has positive unit economics with good margins. The team claims that they have cracked the consumer sell side for used electronics category and is opening C2B channels in other categories as well over next 4-6 months. The platform has set up a verification process to certify all products with detailed condition information upfront with HQ photos and ratings for 100% transparency, which makes it highly trustworthy among buyers.

ListUp 2016 Story 

ListUp started in early 2016 when Sumit Gupta came back from Japan after learning about Japan's matured recommerce ecosystem and wanted to build India's Mercari (Japan's first unicorn startup). ListUp got seed funding from Kae in early 2016 to build C2C hyperlocal and social platform. In 2016, ListUp was primarily focussing on hyperlocal approach to classifieds with much better product and experience than India's existing classified players - OLX, Quikr.

ListUp 2017: Revised Model 

However, the team realized that the C2C classifieds platform in India without a trust and price discovery layer will not solve the buying-selling problems and hence started experimenting with an approach to solve the problem holistically. That's when they launched auctions as a mechanism to discover the fair price of used electronics, eliminating the need to spend days and weeks on chat-based negotiations. Siddhartha joined ListUp in early 2017 to help ListUp execute the pivot from C2C classified approach to holistic recommerce platform. Siddhartha Jain has earlier worked in PhonePe and Paytm where he saw a growing e-commerce ecosystem and realized that the timing is right for making a holistic recommerce ecosystem for businesses and consumers.

Buying at ListUp 

Currently, ListUp is operating in electronics category across Mobiles, Laptops, Kindle, Tablet and Gaming Consoles. One can buy certified used/refurbished electronics at 50-70% discount where they can either buy directly or get at fair market value via the bidding mechanism at ListUp.

Underlying thesis behind auctions is to allow users to buy goods at their chosen price eliminating chat-based negotiations, a new way of arriving at fair prices in used goods via auctions. Consumers can choose their price by placing a bid amount based on their budget and assessment on the product. All products at ListUp undergo stringent QC checks and are given ListUp score, which shows how used product condition fairs against new product under different parameters. ListUp also runs periodic flash auctions for used electronics, starting at Rs. 999/-, which is gaining lot of momentum among its user base.

Selling at ListUp 

Consumers can also sell their used electronics on ListUp instantly on their website or app at a price quoted by their pricing engine. ListUp also gives the option of putting your electronics for auction where a consumer can get higher price in C2C auction as compared to instant pricing, due to price variability in used goods.

ListUp therefore provides two experiences - buying and selling  - 1) Buy now or Save big by participating in an auction and choose your price. 2) Sell instantly or sell in an auction at a higher price. Auctions' duration typically varies between 1-3 days depending upon the urgency to sell and seller's price expectations.

ListUp has recently also opened their marketplace for businesses to sell their product, which is also growing pretty well.

"Recommerce is 4x more complex problem than e-commerce as the company will need to solve problems like verification with condition assessment, product quality, logistics and warranty support. However, the team believes that they have found the right solutions to this and established partnerships for solving this tough problem," said Siddhartha.

What's next? 

ListUp is currently operational in Bengaluru for consumers selling their products, however, buyers can be anywhere from India. ListUp soon plans to expand to other cities and the appliances category, eyeing the next big category of TV.

"ListUp aims to redefine Indian recommerce industry by bringing elements of trust, fair pricing mechanisms, 100% product transparency, assured selling and buyer satisfaction. ListUp's ultimate vision is to make a cross category recommerce marketplace for both consumers and businesses for buying and selling, where overall experience is as seamless as Flipkart or Amazon. Thus, making a difference in people's lives by making their life affordable," said Sumit Gupta, Founder & CEO in a statement.

Media Contact:
Sumit Gupta
[email protected]
+91-9619281381
Founder & CEO
ListUp (Gijutsu Solutions Pvt. Ltd.)