Delhi-based ReFit Global, a re-commerce marketplace, is making a significant shift by entering the direct-to-consumer (D2C) market. Alongside their existing offline B2B services, the company is introducing a new D2C platform.
This platform will offer a wide variety of smartphones from popular brands like Apple, Xiaomi, OPPO, and vivo. Additionally, customers can anticipate an assortment of electronic products such as televisions, laptops, and appliances.
Driving Quality, Sustainability, and Growth
ReFit Global, dedicated to delivering quality products to customers’ doorsteps, emphasizes the advantages of refurbished electronics. Their newly launched website not only simplifies tech shopping but also fosters sustainability by curbing e-waste and promoting a circular economy. Looking ahead, the company envisions achieving an impressive revenue target of Rs. 500 crore by FY-25.
Founded by recycling enthusiasts Saket Saurav and Avneet Singh, ReFit Global is on a mission to minimize electronic waste. Collaborating with major players like Flipkart and Amazon, the company actively promotes positive change. Their online platform educates individuals about the benefits of refurbished phones and their role in reducing e-waste.
Not only does ReFit Global prioritize product quality, but it also addresses concerns within the second-hand smartphone market to benefit both sellers and buyers. The company meticulously performs 37 quality checks on each phone and utilizes their own developed application for comprehensive diagnostics.
Impressive Growth and Future Projections
Since its inception in 2017, ReFit Global’s revenue has doubled, reaching 200 crore in 2022. The company is poised to achieve double-digit margins in the upcoming fiscal year. With approximately 1.5 million phones refurbished and sold to date, the company’s retail and distribution network spans over 50K retailers. This expansive presence has led to remarkable year-on-year growth, reaching an impressive 100%.
Commenting on the launch, Co-founder and CEO, Saket Saurav, said,
I have been in this industry for almost a decade and have forged strong partnerships. ReFit Global’s website launch is a milestone that connects us with our growing customers. We are excited to go online and engage with them directly. We want to build a unique community, an ecosystem where people are not just observers, but contributors.
Speaking at the launch, Co-founder and COO Avneet Singh said,
ReFit Global’s online launch is a game-changer that sets new benchmarks in the Refurbished Industry. We started ReFit Global when the refurbished phone market was unorganized and immature. But we saw the huge potential and built a trusted network with our retail partners. We want to extend that trust to our customers through our website.