With smartphone penetration in the Middle East at an all-time high, consumers are constantly looking to upgrade their devices to keep up with the latest innovations.
With that, Pishu Ganglani, Ricky Husani and Sandeep Shetty noticed a gap in the market – the options to reuse or recycle electronic devices in an affordable manner were not available or attractive enough to entice consumers.
The trio then founded NorthLadder, a UAE-based secondhand online marketplace for electronics that is helping UAE residents get rid of their unwanted devices and make extra cash.
“The re-commerce of electronics helps us to extend the lifespan of devices, and pass them onto users for a new lease on life, thus reducing contribution to e-waste, supporting the creation of a circular economy,” shared Mihin Shah, chief revenue officer at NorthLadder, in an interview with Arabian Business.
“On average, households in Dubai possess three to five devices, lying around in the home unused,” he added.
While 25 percent of new phones in North America are bought by trading-in an old phone, the figure in the region is less than 1 percent, shared Shah.
The NorthLadder platform allows customers to receive a price assessment instantly, regardless of the condition of their device. Customers can then complete their transaction by either receiving instant cash in hand or credit to spend at one of NorthLadder’s partner electronics retail outlets.
“Our platform technology has enabled us to streamline the electronic trade-in process. By serving both consumers and retailers, we support the seamless reuse of devices thus contributing to the UAE’s vision for sustainability and a circular economy,” said Shah.
On how the idea for Northladder came about, Shah shared: “Our founders noticed a gap in the market when it came to selling pre-owned devices…customers had to list their devices on classifieds sites and hope that someone calls, negotiates and makes a purchase.”
“The prices offered to customers were very poor and not transparent. Not to mention, the alternatives of trade offered in the market were not attractive. This gap encouraged them to develop an auction-driven platform with the intent of sourcing the best prices on the market by engaging a large network of global buyers,” he added.
NorthLadder’s funding journey started with an initial seed investment from angel investors, and in February 2021, the company announced a $5 million Pre-Series A funding round, led by BECO Capital.
The funding aimed to help the company scale up its technology platform, enhance customer experience and pursue further geographic expansion, according to Shah.
“Currently, we are amid further scale-up and expansion plans, and will be looking to raise another round of funding over the next few months,” he shared.
Looking ahead, Northladder aims to become the go-to platform for instant trade of pre-owned assets, in which Shah shared: “Using technology and operations as our backbone, NorthLadder aims to be the market leader and trade enabler for used electronics devices for all segments of consumers, dealers and wholesalers.”
Northladder’s immediate expansion plans include Saudi Arabia, in which it announced today the appointment of Aly El-Helaly as Managing Director for its Saudi operations. El-Helaly will focus on building brand awareness and assembling a team in the kingdom that will help to elevate the trade-in market.
The platform aims to become a global company enabling this trade in the long term.
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