This Delhi-based startup nailing the second-hand gadget market

India has among the promising markets regarding the second-hand gadget enterprise. In January this 12 months, a report by the India Cellular and Electronics Association (ICEA) and International Data Corporation (IDC) talked about that over 25 million gadgets of used smartphones have been traded in 2021 with a median selling value of ₹6,916, producing $2.3 billion in revenues.

However, the problem pertaining to prime quality has remained the prime limitation for every sellers and prospects.

A Delhi-based startup has on account of this reality resolved this problem and is now minting money by means of the distinctive idea.

Saket Saurav and Avneet Singh’s ReFit Global are gently and effectively bolstering India’s refurbished tech market home.

According to a report by Your Story, Saket, co-founder, ReFit Global talked about he found success throughout the refurbished gadget section whereas 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 talked about.

The startup believes that there’s 100% year-on-year progress in earnings throughout the second-hand gadget market.

In FY2017-18, ReFit Global posted a earnings of ₹8 crore, which elevated to ₹19 crore in FY 2018-19, in FY 2020, the company’s earnings jumped to ₹44 crore, crossed ₹100 crore in FY22 and ₹200 crore in FY2023, respectively.

ReFit eyes producing ₹350 crore in earnings in FY2024.

How ReFit works:

The startup knowledgeable Your Story that they provide telephones which may be exchanged on e-commerce platforms like Flipkart, and Amazon, along with from Oppo, Vivo, and Xiaomi.

ReFit has its private Mobile Diagnostic software program. The agency diagnoses each gadget on 37 prime quality confirm parameters.

Not merely telephones, the company moreover refurbishes totally different electrical residence tools similar to washing machines, fridges, television, and air conditioners.

ReFit has purchased better than 15 lakh telephones of which 80% have been sourced from Fliokard and the rest 20% from totally different e-commerce platforms. In FY 2023, ReFit purchased virtually 500,000 handsets.

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