BackThis Delhi-based startup nailing the second-hand device market
A startup in Delhi is gently and smartly bolstering India's refurbished tech market space
PremiumIndia has one of the most promising markets when it comes to the second-hand device business. In January this year, a report by the India Cellular and Electronics Association (ICEA) and International Data Corporation (IDC) mentioned that over 25 million units of used smartphones were traded in 2021 with an average selling price of ₹6,916, generating $2.3 billion in revenues.
However, the issue pertaining to quality has remained the prime limitation for both sellers and consumers.
A Delhi-based startup has therefore resolved this issue and is now minting money through the unique idea.
Saket Saurav and Avneet Singh's ReFit Global are gently and smartly bolstering India's refurbished tech market space.
According to a report by Your Story, Saket, co-founder, ReFit Global said he found success in the refurbished device segment while working at Shopclues.
"While working at Shopclues in 2015, we began the renew portfolio for the company which was a refurbished mobile category that reached ₹40 crore per month in just 8-9 months," Saket said.
The startup believes that there's 100% year-on-year growth in revenue in the second-hand device market.
In FY2017-18, ReFit Global posted a revenue of ₹8 crore, which increased to ₹19 crore in FY 2018-19, in FY 2020, the company's revenue jumped to ₹44 crore, crossed ₹100 crore in FY22 and ₹200 crore in FY2023, respectively.
ReFit eyes generating ₹350 crore in revenue in FY2024.
How ReFit works:
The startup told Your Story that they source phones that are exchanged on e-commerce platforms like Flipkart, and Amazon, as well as from Oppo, Vivo, and Xiaomi.
ReFit has its own Mobile Diagnostic application. The company diagnoses each device on 37 quality check parameters.
Not just phones, the company also refurbishes other electrical appliances such as washing machines, refrigerators, television, and air conditioners.
ReFit has sold more than 15 lakh phones of which 80% were sourced from Fliokard and the rest 20% from other e-commerce platforms. In FY 2023, ReFit sold nearly 500,000 handsets.
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