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 Global brand refurbishes old phones and sells them with a new warranty. Moreover, the brand procures exchanges of phones from e-commerce platforms, marketplaces, and retail brand stores. During the episode, the founders revealed that they have an in-house diagnostic app on every phone that runs a test on 47 parameters. Additionally, these diagnostic reports further help them in refurbishing the phones. They also ensure that tests are conducted both before and after the repair process.
Further, they revealed that they started Refit Global in 2017, and to date, they have sold over 1 million devices. Recently they have not only launched the online platform but also have an offline mode platform based on a Zero Dead Stock model.
After several offers and counter-offers, Saket and Avneet sealed the deal with three Sharks—Amit, Anupam, and Vineeta —with $241 thousand for 1 percent equity. Additionally, offers also include a 1 percent royalty until $361 thousand (₹3 Crore) is recouped.
ReFit Global on Shark Tank India season 3: Where to buy, products, price & more
According to the website, ReFit Global deals in various brands such as Apple, Asus, Gionee, Nokia, Oneplus, and many more. Currently, the website offers—
- Refurbished Apple iPhone 7 (2GB/128 GB) at $108.54 (₹8,999)
- Refurbished Apple iPhone 6 Plus (1GB/64GB) at $112.15 (₹9,299)
- Refurbished LG G8s ThinQ (6GB/128GB) at $90.45 (₹7,499)
- Refurbished Samsung Galaxy A5 (2016) (2GB/16GB) at $36.17 (₹2,999)
Aside from this, ReFit currently offers flat $3.02 off (₹250) on the first order with the code RF250. Moreover, these products are delivered with an assured 6-month warranty and an easy 3-day replacement policy. So, if you are planning to buy a refurbished phone, go and check out their official website.
