Refurbished Smartphone Startup ReFit Global Secures Rs 2 Crore Funding on Shark Tank Season 3

Direct-to-Consumer (D2C) refurbished smartphone startup ReFit Global has successfully raised a funding of Rs 2 crore at a valuation of Rs 200 crore during its appearance on Shark Tank Season 3. This investment was secured from prominent investors including Anupam Mittal, Vineeta Singh, and Amit Jain, as announced in a press release.

In the press release shared by the company, it was revealed that the newly acquired funds will be utilized to scale up its operations, expand the company’s market outreach, and bolster its technological infrastructure. Avneet Singh, Founder and COO at ReFit Global expressed that the investment would drive further advancements and introduce a diverse range of refreshed products to the market.

The startup highlighted that it has achieved remarkable growth, reporting a staggering 100x year-on-year (YoY) increase and securing a revenue of Rs 200 crore in the fiscal year 2022-2023. Saket Saurav, the founder and CEO of ReFit Global, stated, ‘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.’

Established in 2017, ReFit Global currently boasts a network of over 50,000 retailers spread across 100 cities. The company has a strong presence on major e-commerce platforms such as Amazon and Flipkart, showcasing its commitment to providing quality refurbished products to a wide customer base.