Smartphone refurbishing startup ReFit Global raises Rs 2 crore funding at Rs 200 crore valuation

ReFit Global, a direct-to-consumer refurbished smartphone marketplace, has raised Rs 2 crore in funding at a valuation of Rs 200 crore. The funding round was led by Anupam Mittal of Shaadi.com, Vineeta Singh of SUGAR Cosmetics, and Amit Jain of CarDekho Group and InsuranceDekho, among others, during their participation in Shark Tank India Season 3. The company plans to use the funds to expand its 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.

“Refurbished smartphone marketplace ReFit Global secures Rs 2 crore funding at Rs 200 crore valuation, backed by notable entrepreneurs and investors during Shark Tank India Season 3”

Key Highlights

• Funding Round: ReFit Global raised Rs 2 crore in funding at a valuation of Rs 200 crore from prominent entrepreneurs and investors during their participation in Shark Tank India Season 3.
• Expansion Plans: The company plans to use the funds to expand its operations, reach a wider market audience, and strengthen its technological infrastructure.
• Environmental Consciousness: ReFit Global 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.
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ReFit Global, founded in 2017, has become a leading direct-to-consumer refurbished smartphone marketplace in India. The company has a network of over 50,000 retailers and distributors across 100+ cities, with major e-commerce players as its largest liquidation partners. ReFit Global has achieved a remarkable 100x year-over-year growth, generating 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.The funding will not only support the company’s expansion but also its commercial development and solution improvement. Among the planned developments, ReFit Global intends to enhance its web presence and customer experience to solidify its position as a leader in the refurbished marketplace.

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The company also aims to introduce a wider array of refreshed products to the market and drive further advancements using the investment.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.”