Refit Global News Today

The demand for second-hand smartphones is on the rise, prompting brands and seller platforms to prevent old devices from reaching the unorganised market. Refurbished smartphone seller ReFit Global anticipates a 16% growth in the industry in 2024, following a 15% growth in 2023. E-commerce platforms and smartphone brands are collaborating with refurbishing companies to sell old devices directly, streamlining the process and preventing leakages.

Second-hand Phone: The demand for second-hand smartphones is on the rise, prompting brands and seller platforms to prevent old devices from reaching the unorganised market. Refurbished smartphone seller ReFit Global anticipates a 16% growth in the industry in 2024, following a 15% growth in 2023. E-commerce platforms and smartphone brands are collaborating with refurbishing companies to sell old devices directly, streamlining the process and preventing leakages.

Refurbished Smartphones: “Earlier, there used to be a bidding process to procure old devices from platforms. Now almost all of them are trying to make this a much more organised process,” said Saket Saurav, co-founder and CEO, ReFit Global, a refurbished smartphone seller.

Shark Tank: The startup said it will use the raised funds to scale operations, broaden the companys market reach, and enhance technological infrastructure.

ReFit Global has recently secured the deal in episode 22 of Shark Tank India. Saket Saurav, and Avneet Singh, founders of ReFit Global, presented their innovative idea to the sharks and sought an investment of $241 thousand (₹2 Crore) for 0.5 percent equity. Additionally, ReFit Global has a valuation of $48.2 million (₹400 Crores). Refit […] The post Shark Tank India Season 3 Episode 22: What Is ReFit Global? appeared first on ComingSoon.net - Movie Trailers, TV & Strea...

The founders of ReFit Global presented their startup on Shark Tank India. Here are the full details about their products and price & more.

ControlZ estimates the market value for refurbished smartphones to be close to $4 billion in India this year although the market remains highly unorganised.

Smartphone Sales: ReFit Global and Cashify are among the sellers of refurbished phones and devices that are also expecting a sharp increase in top line during the festive season - set to start next month - on the back of burgeoning demand for high-end smartphones.

The market for refurbished smartphones and electronic devices in India is expected to see 18% year-on-year revenue growth during the upcoming festive season, surpassing the growth of new phones, which is predicted to be around 7%. Refit Global and Cashify, sellers of refurbished phones and devices, anticipate a significant increase in revenue during the festive season. Cashify plans to aggressively promote its products during Diwali and aims to double its revenue from last year.

Refit Global: Samsung, Xiaomi, Oppo and Vivo contribute to more than 65% of ReFit’s total sales. By contrast, the consumer demand beyond tier-1 cities has been increasingly trending towards premium brands like Apple and OnePlus which also have a relatively higher average selling price (ASP) for ReFit, said the executive.