ReFit Global: Pioneering the refurbished smartphone revolution

March 7, 2024 Start Up Valli Sarvani No comments

In the bustling world of technology, the story of ReFit Global stands out as a beacon of innovation and sustainability.

Founded in 2017 by Avneet Singh and Saket Saurav, this Delhi-based startup has carved a niche in the refurbished smartphone market, aiming to hit ₹240 crore in revenue this financial year.

Their journey from employees at Shopclues to entrepreneurs showcases their dedication to reducing e-waste and providing quality, affordable gadgets.

The inception of ReFit was sparked by a simple yet eye-opening experience. Attempting to purchase an iPhone, Avneet found the cost prohibitive.

An offer for a significantly cheaper second-hand phone lacked the assurance of quality and warranty, highlighting a gap in the market for reliable refurbished phones.

This realization led Avneet and Saket to venture into the refurbished phone business, initially under Shopclues’ ReNew category, before launching ReFit Global.

Starting with an investment of ₹55 lakh, including personal savings and loans, the duo embarked on their entrepreneurial journey.

They faced initial challenges, especially in convincing channel partners and educating consumers about the benefits of refurbished phones.

Their efforts gradually paid off, leading to a successful business model that sourced phones from major online retailers, mobile manufacturers, and large-format retailers.

ReFit’s meticulous refurbishing process involves a proprietary diagnostic application with 47 quality check parameters.

This ensures that each phone meets high standards before it reaches the customer, providing a six-month warranty for added peace of mind.

The company’s growth is evident in its impressive sales figures, selling between 55,000 to 65,000 phones monthly and reaching over 1.75 million phones sold to date.

The founders’ appearance on Shark Tank India Season 3 further boosted their visibility, securing a ₹2 crore investment and generating significant interest from retailers and distributors.

ReFit’s success story is not just about financial gains but also about contributing positively to the environment by extending the lifespan of gadgets.

Avneet and Saket’s journey with ReFit Global underscores the importance of hard work, adaptability, and a clear vision.

Their commitment to quality and sustainability has not only made refurbished phones a credible choice for consumers but also paved the way for a greener planet.

Image Credit: Refitglobal Website Screenshot