India has probably the most promising markets in the case of the second-hand system enterprise. In January this 12 months, a report by the India Mobile and Electronics Affiliation (ICEA) and Worldwide Information Company (IDC) talked about that over 25 million models of used smartphones had been traded in 2021 with a median promoting worth of ₹6,916, producing $2.3 billion in revenues.
Nonetheless, the problem pertaining to high quality has remained the prime limitation for each sellers and shoppers.
A Delhi-based startup has subsequently resolved this situation and is now minting cash via the distinctive concept.
Saket Saurav and Avneet Singh’s ReFit World are gently and neatly bolstering India’s refurbished tech market area.
In response to a report by Your Story, Saket, co-founder, ReFit World stated he discovered success within the refurbished system phase whereas working at Shopclues.
“Whereas working at Shopclues in 2015, we started the renew portfolio for the corporate which was a refurbished cell class that reached ₹40 crore monthly in simply 8-9 months,” Saket stated.
The startup believes that there is 100% year-on-year development in income within the second-hand system market.
In FY2017-18, ReFit World 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 informed 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 software. The corporate diagnoses every system on 37 high quality examine parameters.
Not simply telephones, the corporate additionally refurbishes different electrical home equipment corresponding to washing machines, fridges, tv, and air conditioners.
ReFit has bought greater than 15 lakh telephones of which 80% had been sourced from Fliokard and the remainder 20% from different e-commerce platforms. In FY 2023, ReFit bought almost 500,000 handsets.
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