ReFit Global, a fast-growing refurbished marketplace selling directly to consumers, announced today that it has secured Rs. 2 Crore in funding at a valuation of Rs. 200 Crore. The investment came from prominent entrepreneurs and investors during their participation in Shark Tank India Season 3.
Anupam Mittal of Shaadi.com, Vineeta Singh of SUGAR Cosmetics, Amit Jain of CarDekho Group and InsuranceDekho led the investment round. This funding is a significant milestone in ReFit Global’s journey for expansion.
The company plans to use the funds to expand operations, reach a wider market audience, and strengthen its technological infrastructure. Additionally, ReFit Global aims to improve its web presence and enhance customer experience to solidify its position as a leader in the refurbished marketplace.
ReFit Global, experienced a remarkable 100x Year-over-Year growth, achieving Rs. 200 crores in FY 2022-2023. Beyond financial success, the company distinguishes itself as an environmentally conscious player in the re-commerce industry, actively contributing to sustainability efforts and aiming for a target of becoming a Rs. 1,000 crore profitable enterprise within the next 5 years.
Speaking about the fundraising, Saket Saurav, Founder & CEO of ReFit Global, said:
We’re genuinely thrilled to join such a prestigious entrepreneurial platform alongside seasoned business leaders and visionaries. Acknowledging the distinct strengths each shark possesses, our emphasis has always been on expertise rather than purely financial valuation.
Our main objective was to forge a dynamic alliance with a diverse group of accomplished sharks, each offering their unique insights and expertise. With this opportunity, our aim is to cultivate a clearer vision and market positioning for ReFit.
Commenting on the achievement, Avneet Singh, Founder & COO of ReFit Global, said:
We are delighted to secure funding from Shark Tank India, affirming our dedication to revolutionizing the refurbished smartphone industry through innovation and research. This investment will fuel our ongoing efforts to push boundaries and introduce a wider array of refreshed products to the market.