India is one of the most promising markets when it comes to the second-hand device business. In January this year, a report by 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 Rs. 6,916, generating $2.3 billion in revenue.
However, the issue related to quality remains a major limitation for both sellers and consumers.
So a Delhi based startup has solved this issue and is now earning money through unique idea.
Saket Sourav and Avneet Singh refit global Slowly and smartly, India’s innovators are consolidating the tech market space.
According to a report in YourStory, Saket, co-founder of Refit Global, said that he found success in the refurbished devices segment while working at ShopClues.
“While working at ShopClues in 2015, we started Refurbished 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 is believed to have witnessed 100% year-on-year growth in revenue in the second-hand device market.
In FY2017-18, ReFit Global posted revenue of 8 crores, which has increased to 19 crores in FY 2018-19, the company’s revenue jumped in FY 2020 crossed 44 crores 100 crores in FY22 and 200 crores respectively in FY2023.
make refit eyes 350 crore in revenue in FY2024.
How Refit works:
The startup told YourStory that they source phones exchanged on e-commerce platforms such as 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 like washing machines, refrigerators, televisions and air conditioners.
ReFit has sold over 1.5 million phones of which 80% were sourced from Fliocard and the remaining 20% from other e-commerce platforms. ReFit plans to sell approximately 500,000 handsets in fiscal 2023.
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