Setting Standards: A Delhi Start-up Elevating Quality Assurance in India's Refurbished Device Market

ReFit Global, a New Delhi-based startup founded by Saket Saurav and Avneet Singh in 2017, is making waves in India's refurbished tech market. The company's journey began when Saket and Avneet, who previously worked for companies like Shopclues and LG, recognized the potential of second-hand devices, particularly in Tier-II and III cities.

During their time at Shopclues in 2015, they initiated the "ReNew" portfolio, a refurbished mobile category that swiftly achieved a monthly revenue of Rs 40 crore within just 8-9 months. This success inspired the duo to establish ReFit Global and tap into the growing demand for refurbished gadgets.

ReFit Global primarily sources phones exchanged on platforms such as Flipkart, Amazon, and brands like Oppo, Xiaomi, and Vivo. The company meticulously rectifies any technical or aesthetic issues these phones may have and then distributes them through an extensive network of offline retail partners.

ReFit has developed its Mobile Diagnostics Application to assess each device based on 37 quality check parameters, ensuring they meet stringent quality standards. Besides phones, ReFit also refurbishes other tech products, including laptops, as well as large appliances such as televisions, washing machines, refrigerators, and air conditioners.

The company's revenue has grown exponentially since its inception, with consistent year-on-year growth. In FY 2022-23, ReFit Global achieved a significant milestone, reaching Rs 200 crore in revenue. Currently operating as a bootstrapped company, ReFit aims to further increase its revenue to nearly Rs 350 crore in FY 24.

The refurbished device segment in India is witnessing high demand, and ReFit is well-positioned to capitalize on this trend. According to the Indian Cellular Electronics Association (ICEA) report, the recommerce market in India is expected to grow by 16% and reach $10 billion by 2025.

ReFit Global's impact extends beyond revenue growth; it contributes to environmental sustainability by reducing electronic waste and providing cost-effective alternatives to consumers. The company offers discounts ranging from 30% to 70% compared to the price of new mobile phones, making refurbished tech accessible to a broad audience across metro cities and Tier 2 and Tier 3 cities.

While ReFit Global considers itself unique in its approach, it faces competition from players like Cashify, Ikon Technology, Slyod, Aforserve Service, and Yaantra in the refurbished tech segment.

With a strong track record of growth and a commitment to quality and sustainability, ReFit Global is well-poised to play a pivotal role in shaping India's refurbished tech market.