Direct-to-consumer (D2C) refurbished smartphone startup ReFit Global has secured funding of Rs 2 crore at a valuation of Rs 200 crore on Shark Tank season 3, it said in a press release. The funding comes from notable investors such as Anupam Mittal, CEO of Shaadi.com, Vineeta Singh, co-founder and CEO of Sugar Cosmetics, and Amit Jain, CEO and co-founder of CarDekho Group.
The company plans to utilize the newly acquired funds to expand its operations, reach a wider market audience, and improve its technological infrastructure.
Avneet Singh, Founder and COO of the company stated, “The investment will be deployed to drive further advancements and introduce a diverse range of refreshed products to the market.”
ReFit Global has disclosed impressive financial growth, experiencing a remarkable 100x year-on-year (YoY) expansion and generating a revenue of Rs 200 crore in the fiscal year 2022-2023.
Saket Saurav, founder and CEO of ReFit Global said, “Our primary focus was to create a dynamic alliance with a diverse group of accomplished sharks, each contributing their distinctive insights and expertise. With this opportunity, we are aiming to bring in a clearer vision and market positioning for ReFit.”
The refurbished smartphone marketplace aims for substantial future success, aspiring to become a profitable enterprise with a revenue of Rs 1,000 crore within the next 5 years.
Established in 2017, the startup has built a network comprising more than 50,000 retailers spread across 100 cities. Additionally, it has established a presence on major e-commerce platforms like Amazon and Flipkart.
