ReFit Global, a Delhi-based company that refurbishes and resells smartphones and other electronics, has raised USD 1 million. The money comes from a family office based in the UAE, and Bestvantage Investments advised the round exclusively.
The company said the capital will go into widening its retail footprint and upgrading its refurbishment lines. Part of it will fund technology, including a single omnichannel platform. The family office is also expected to open doors to partners and customers in the Gulf and Africa.
What ReFit actually does
ReFit sits across the whole refurbished chain rather than one slice of it. It sources used devices, repairs them, runs quality checks, grades them and then moves them to distributors and stores.
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The company says its refurbishment yield is 92 per cent. Most devices that come in, in other words, leave as sellable stock. Its repair bench handles jobs up to L4 level, which includes chip-level work. Every device also goes through a 47-point check before it is listed.
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A network that reaches small towns
Distribution is ReFit’s strongest asset. The company says it works with more than 75 distributors and over 2,000 wholesalers. Its products sit in more than 50,000 retail outlets across India, covering metros along with Tier 1, Tier 2 and Tier 3 cities.
It also runs 12 ReFit Xpress stores, which operate alongside its business-to-business supply arm. On the demand side, ReFit sells through online marketplaces and offline retail. Its sourcing and sales relationships include Flipkart and Amazon.
Shark Tank, and what comes next
ReFit was founded by Avneet Singh and Saket Saurav, both former ShopClues employees. The company appeared on Shark Tank India Season 3, where it raised Rs 2 crore. It credits that appearance with raising consumer awareness of refurbished devices.
“This round marks an important milestone for ReFit Global and validates the strength of the ecosystem we have been building,” Saurav said. Singh said the company sees room to bring more structure, transparency and technology to a market that has long run on trust and guesswork.
Raman Sharma, founder and chief executive of Bestvantage Investments, said ReFit combines technology, physical infrastructure and a scalable distribution network. His firm, he said, expects to support the company’s expansion across India.
The bet is straightforward. India’s secondary phone market keeps growing as buyers hunt for cheaper devices, and organised refurbishers have been taking share from unorganised sellers. ReFit now wants to push further into B2B and direct-to-consumer sales, and to test the Gulf and African markets with its new partner.