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Refurbished electronics platform ReFit Global has raised $1 million in a seed funding round from a UAE-based family office. The company was also featured on Shark Tank India Season 3. The fresh capital will be used to expand its retail footprint, strengthen refurbishment capabilities, invest in technology infrastructure and build an integrated omnichannel platform, ReFit Global said in a press release. Founded in 2018 by Saket Saurav and Avneet Singh, ReFit Global operates across refurbishment, distribution, retail and related consumer channels. The company aims to build an integrated ecosystem for refurbished electronics by combining technology, refurbishment capabilities, distribution infrastructure and omnichannel retail. The Delhi-based company claims to have a distribution network of over 75 distributors, more than 2,000 wholesalers and over 50,000 retail outlets across India. The network gives ReFit access to metropolitan centres as well as Tier 1, Tier 2 and Tier 3 cities. ReFit Global has also expanded its physical retail presence through 12 ReFit Xpress outlets alongside its B2B distribution network. Its business spans online marketplaces, offline retail and brand relationships, with sourcing and sales relationships involving platforms such as Flipkart and Amazon, along with other offline and strategic channels. The company also plans to expand its B2B and D2C initiatives across the refurbished electronics value chain. ReFit currently reports a 92% refurbishment yield and repair capabilities up to L4, including advanced chip-level repairs. Its technology-enabled processes cover device diagnostics, automated quality checks, grading, post-quality-control processes and inventory management. ReFit said these capabilities are designed to improve consistency, operational visibility and reliability across refurbished devices. India’s refurbished smartphone volumes grew 13% year-on-year in H1 2026, while the organised segment accounted for around 20% of the market, indicating scope for further formalisation. Startups such as Cashify, ControlZ, GREST and Budli are expanding the organised re-commerce market through certified devices, warranties, trade-ins and direct-to-consumer channels. Vingo raised Rs 10 crore in seed funding led by IndiaQuotient earlier this year. Meanwhile, Yaantra, another electronics re-commerce player, was acquired by Flipkart to strengthen its refurbishment capabilities.
document fetched 2026-10-07 02:58