Buying a new phone that costs a fortune doesn’t make sense for some people if they can get a cheaper refurbished one. However, it’s easier said than done to find a secondhand phone that’s still in good condition. Sure, there are platforms like Amazon and Cashify that can help you with your search, but the options are often limited. Luckily, a new venture from ReFit Global wants to help you out with a diverse selection of smartphones from renowned brands like Apple, Xiaomi, Oppo, and Vivo.
ReFit Global, a re-commerce marketplace based in Delhi, is entering the direct-to-consumer (D2C) market. The company will continue to offer its offline B2B services, but it is also launching a new D2C platform, which will offer a wide variety of smartphones. This will include phones from top brands like Apple, Xiaomi, Oppo, and Vivo. In addition, you can also expect to find a range of other electronic products, such as TVs, laptops, and appliances.
ReFit is a well-established player in the re-commerce industry. Since its inception in 2019, the company’s revenue has doubled, reaching 200 crore (~$27 million) in 2022. It is projected to achieve double-digit margins in the upcoming fiscal year. To date, ReFit has refurbished and sold approximately 1.5 million phones through its network of over 50,000 retailers. The company has seen impressive year-over-year growth of 100%, thanks to its strong retail and distribution presence.
For its new D2C venture, ReFit Global has partnered with Flipkart, their largest liquidator, followed by Amazon and other partners.
Commenting on the announcement, the company’s Co-founder and COO Avneet Singh said, “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.”
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