Delhi-based start-up ReFit Global earns over Rs 200 crore selling second-hand smartphones
Refurbished second-hand smartphones have always thrown up the challenge of quality and it is this very aspect which has proved to be a major limitation for both sellers and buyers of second-hand phones. This start-up has found a way around the disadvantage and has successfully captured the market
Delhi-based start-up ReFit Global has taken the country’s refurbished tech market space by storm, and now hold your breath…it has earned over Rs 200 crore by simply selling second-hand smartphones.
Co-founded by Saket Saurav and Avneet Singh, ReFit Global, sources devices that are exchanged on e-commerce platforms like Amazon and Flipkart. The firm also gets phones from companies like Vivo, Oppo and Xiaomi.
These old phones are then put through the company’s own Mobile Diagnostic application. This app evaluates each device on 37 quality check parameters.
So far, ReFit Global has managed to sell over 15 lakh mobile phones. Of the total sales, 80 per cent devices were sourced from Flipkart and the rest from other e-commerce platforms.
Refurbished second-hand smartphones have always thrown up the challenge of quality and it is this very aspect which has always proved to be a major limitation for both sellers and buyers of second-hand smartphones. This new start-up has found a way around the disadvantage and has successfully captured the gap in the market.
Interestingly, ReFit not only sells refurbished phones, but it also deals in old electrical appliances such as refrigerators, washing machines, television, and air conditioners.
ReFit Global has recorded a 100 per cent year-on-year growth in revenue. In fact, the company’s revenue in India’s second-hand device market has been increasing steadily over the past few years.
In FY 2017-18, ReFit Global had reported a revenue of Rs 8 crore, which increased to Rs 19 crore in FY 2018-19. In FY 2020, the start-up recorded a revenue of Rs 44 crore. ReFit’s success can be gauged by the fact that its revenue had crossed Rs 200 crore in FY2023 as it sold nearly 500,000 handsets. The company aims to earn Rs 350 crore as revenue in FY 2024.
India is a promising market when it comes to the business of refurbished smartphones. With the country’s smartphone penetration still being low, there is a huge potential for the growth of the refurbished device segment. The growing popularity of second-hand smartphones can be attributed to the increased selling price of new models.
Many buyers are willing to buy a refurbished smartphone, which offers them more features than a similarly priced new phone.
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