18, Aug 2023
ReFit Global launches D2C platform, Aims to achieve a revenue target of INR 500 crore by FY-25
India, August 18, 2023 – ReFit Global, a re-commerce marketplace headquartered in Delhi, is making waves with its latest announcement of venturing into the direct-to-consumer (D2C) segment. While they will continue their offline B2B services, the company is now set to launch a new D2C platform. This platform will offer a diverse selection of smartphones, featuring renowned brands like Apple, Xiaomi, Oppo, and vivo. In addition to phones, customers can expect a wide range of electronic products, including televisions, laptops, and appliances. ReFit Global is gearing up to redefine the shopping experience for tech enthusiasts and bring quality products directly to their doorsteps.
At the forefront of advocating for recycling and reducing electronic waste are the co-founders of ReFit Global, Saket Saurav and Avneet Singh. Their dedication to this crucial cause led to the establishment of ReFit Global, a company determined to make a positive impact. As part of their mission, ReFit Global has partnered with Flipkart, their largest liquidator, followed by Amazon and other partners. With a strong online presence, ReFit Global aims to not only raise awareness about the advantages of refurbished phones but also contribute to the ongoing reduction of electronic waste.
Expressing his thoughts on this milestone, Co-founder and CEO Saket Saurav said, “With my extensive experience of 7-8 years in this industry, we have built a strong network of partners. The launch of ReFit Global’s website marks a pivotal moment, bridging the gap between the company and its ever-growing customer base. Taking the next natural step, we are ready to embark on an online journey, to immense the power of direct consumer engagement. Our aim is to create an unprecedented community, an ecosystem where individuals are not mere spectators, but active participants. “
The issue of quality has long posed a challenge for both sellers and buyers of refurbished second-hand smartphones, limiting their appeal. However, ReFit has managed to overcome this drawback and effectively address the concerns, enabling them to seize the opportunity successfully.
Since its establishment in 2017, the company experienced a twofold increase in its revenue, reaching 200 crore in 2022. Furthermore, the company is projected to achieve double-digit margins in the upcoming fiscal year. The company effectively refurbished and sold approximately 1.5 million phones till date, with the count still ongoing. Through its network of retail and distribution presence to more than 50K retailers, the company has witnessed remarkable year-on-year growth, reaching an impressive 100%.
Co-founder and COO Avneet Singh also added, “ReFit Global’s trailblazing move into the digital space signals a paradigm shift, setting new standards in the Refurbished Industry. When we embarked on our journey with ReFit Global, the refurbished phone market lacked structure and was still in its nascent stages. However, we recognized the immense potential for growth and collaborated with our retail partners to establish a network built on trust. Through our website, we aim to cultivate the same level of trust with our valued customers.”
The launch of ReFit Global’s website not only enables customers to conveniently access premium refurbished electronics but also contributes to a sustainable future by reducing electronic waste and promoting a circular economy.