In 2011, Saket Saurav successfully completed his MBA program at the International School of Business and Media.
In 2017, Saket Saurav and his partner Avneet Singh embarked on an entrepreneurial journey, establishing their own company. Astoundingly, within just five years, their business thrived and achieved an impressive revenue of Rs 200 crore. Their unique venture involved the selling of old phones, an unconventional yet successful endeavor. This is their inspiring story.
In 2011, Saket Saurav completed his MBA from the International School of Business and Media. With valuable experience as the sales head for Shop Clues and prior employment at LG Electronics, Saket was equipped with a strong foundation in the industry. In 2017, alongside his partner, he embarked on a new venture and established ReFit Global, with a specific focus on serving Tier 2 and Tier 3 cities. Leveraging their extensive distribution channels, they began selling refurbished phones and other electronic items. Their endeavor has proven to be immensely successful, marking a significant achievement for their business.
ReFit Global experienced remarkable growth in their revenue over the years. In their first year, their revenue stood at Rs 8 crore, which steadily increased to Rs 19 crore, then Rs 24 crore, and further soared to Rs 44 crore. Demonstrating their exponential growth, they surpassed the milestone of Rs 100 crore in FY 2021-22. Notably, in the last financial year, their revenue skyrocketed to an impressive Rs 200 crore, showcasing their incredible success in the industry.
At present, Refit Global operates as a fully self-funded enterprise, relying solely on their internal resources and revenue generation.
According to a report by Your Story, Refit Global specializes in purchasing phones that have been exchanged on platforms like Flipkart, Amazon, Oppo, Xiaomi, and Vivo. They employ a meticulous refurbishment process to address both technological and cosmetic issues before reselling these phones through multiple distribution channels.
To ensure the highest quality standards, Refit Global conducts an impressive 37-point quality check on each phone. They have also developed an in-house application that allows them to run comprehensive diagnostics on the devices, further ensuring their functionality and reliability.
Once the phones undergo a thorough refurbishment and are deemed fully functional, Refit Global proceeds to sell them. In addition to phones, they also refurbish other electronic devices.
A significant portion of their sales, around 80 percent, takes place through the Flipkart platform. The remaining 20 percent is distributed among other e-commerce sellers. Impressively, Refit Global managed to sell 5 lakh mobile phones in the previous year.
According to Saket Saurav, their phones are available at prices up to 70 percent lower than those of new mobile phones. These refurbished phones are primarily sold to retail outlets specializing in refurbished goods, which subsequently offer them to customers.
In the current financial year, Refit Global has set its sights on achieving an ambitious target of earning Rs 350 crore in revenue.
