India has some of the promising markets in the case of the second-hand gadget enterprise. In January this 12 months, a report by the India Mobile and Electronics Affiliation (ICEA) and Worldwide Knowledge Company (IDC) talked about that over 25 million models of used smartphones have been traded in 2021 with a mean promoting value of ₹6,916, producing $2.3 billion in revenues.
Nevertheless, the problem pertaining to high quality has remained the prime limitation for each sellers and customers.
A Delhi-based startup has subsequently resolved this challenge and is now minting cash by the distinctive concept.
Saket Saurav and Avneet Singh’s ReFit International are gently and neatly bolstering India’s refurbished tech market area.
In accordance with a report by Your Story, Saket, co-founder, ReFit International mentioned he discovered success within the refurbished gadget section whereas working at Shopclues.
“Whereas working at Shopclues in 2015, we started the renew portfolio for the corporate which was a refurbished cellular class that reached ₹40 crore monthly in simply 8-9 months,” Saket mentioned.
The startup believes that there is 100% year-on-year progress in income within the second-hand gadget market.
In FY2017-18, ReFit International posted a income of ₹8 crore, which elevated to ₹19 crore in FY 2018-19, in FY 2020, the corporate’s income jumped to ₹44 crore, crossed ₹100 crore in FY22 and ₹200 crore in FY2023, respectively.
ReFit eyes producing ₹350 crore in income in FY2024.
How ReFit works:
The startup advised Your Story that they supply telephones which are exchanged on e-commerce platforms like Flipkart, and Amazon, in addition to from Oppo, Vivo, and Xiaomi.
ReFit has its personal Cell Diagnostic utility. The corporate diagnoses every gadget on 37 high quality verify parameters.
Not simply telephones, the corporate additionally refurbishes different electrical home equipment equivalent to washing machines, fridges, tv, and air conditioners.
ReFit has bought greater than 15 lakh telephones of which 80% have been sourced from Fliokard and the remainder 20% from different e-commerce platforms. In FY 2023, ReFit bought almost 500,000 handsets.