From Old to Gold: Phone Refurbishing Startup ReFit Global Bags Rs 2 Cr Funding On Shark Tank 3
Shark Tank India Season 3 is turning out to be quite an interesting watch. With new startups making their pitches on the daily, the ongoing season showcases India's prowess in creativity and innovation in the most impressive manner.
In the dynamic landscape of Shark Tank India Season 3, the spotlight recently fell on ReFit Global, a bootstrapped company that has defied the odds, achieving an impressive 100x year-on-year growth.?
ReFit Secured Rs 2 Crore Funding From 3 Sharks With Company Valuation Of Rs 200 Crore
ReFit Global is a thriving player in the Direct-to-Consumer (D2C) Refurbished marketplace. It achieved a significant milestone by securing Rs 2 Crore in funding at an impressive valuation of INR 200 Crore. This accomplishment unfolded during their compelling pitch on Shark Tank India Season 3, where the sharks on the panel recognized the potential of ReFit's business model.
The successful investment round was led by Anupam Mittal, the Founder-CEO of Shaadi.com ¨C People Group; Vineeta Singh, Co-Founder-CEO of SUGAR Cosmetics; Amit Jain, Co-Founder-CEO of CarDekho Group and InsuranceDekho.?
Beyond Repair Shops: ReFit Global's Pioneering Approach to Phone Refurbishment Stands Out
Right after the founders concluded their pitch, Anupam Mittal began grilling them. He went on to ask what's so special about their business, as in every street's nook and corner, one can find a smartphone repair shop.?
To which, Avneet Singh clarified that what those little shops do is repair. ReFit Global refurbishes a phone which means that each part is replaced by an authentic one and then several tests are run to verify all the functions of the newly refurbished phone.
He then went on to highlight how vast their distribution network is. From Kargil to Coimbatore and even the seven sisters, ReFit Global is mostly present all across the country.??
The fiscal year 2022-2023 saw ReFit soar, raking in a substantial INR 200 crores in revenue. With a robust network comprising over 50,000 retailers and distributors spread across 100+ cities, ReFit has solidified partnerships with major e-commerce giants like Amazon and Flipkart, emerging as a key player in the market.
About ReFit Global
Founded in 2017 by Saket Saurav and Avneet Singh, ReFit has carved a niche by breathing new life into old mobile phones through recycling and refurbishing.?Avneet Singh, Founder & COO, of ReFit Global stated ¡°We are pleased to have received?funding from Shark Tank India, which validates our commitment to transforming the refurbished?smartphone industry through innovation and research. The investment will be deployed to drive?further advancements and introduce a diverse range of refreshed products to the market."
Apart from being a successful startup with a network of over 50,000 retailers across 100 odd cities, ReFit Global distinguishes itself as an environmental steward within the re-commerce industry. The company¡¯s commitment to sustainability and reducing e-waste positions it as an eco-conscious player.
Apart from financial success, ReFit Global actively contributes to positive environmental impact?through excellent service, diverse sourcing methods, and a solid warranty promise. With these?strengths, the company is driven to achieve its target of becoming a ?1,000 crore profitable?enterprise within the next 5 years.
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