ReFit Global
D2C start-up ReFit Global earns Rs 2 crore fundraising on Shark Tank season 3
D2C start-up ReFit Global earns Rs 2 crore fundraising on Shark Tank season 3
New Delhi: ReFit Global, a Direct-to-Consumer (D2C) business selling refurbished smartphones, announced in a press release on Wednesday that it has acquired Rs 2 crore in funding at a valuation of Rs 200 crore on Shark Tank season 3. The investors who provided the capital for the company were Amit Jain, CEO and co-founder of CarDekho Group, Vineeta Singh, co-founder and CEO of Sugar Cosmetics, and Anupam Mittal, CEO of Shaadi.com.
The startup stated that it plans to expand its operations, reach a wider market, and improve its technology infrastructure using the money it has raised.
“The investment will be deployed to drive further advancements and introduce a diverse range of refreshed products to the market,” said Avneet Singh, the company’s founder and COO.
According to the press release, the company achieved a revenue of Rs 200 crore in FY 2022–2023 with a stated 100x year-over-year (YoY) growth.
“Our primary focus was to create a dynamic alliance with a diverse group of accomplished sharks, each contributing their distinctive insights and expertise,” stated Saket Saurav, founder and CEO of ReFit Global. We hope to better position ReFit in the market and introduce a clearer vision with this chance.”
The refurbished marketplace wants to use its advantages to reach its goal of turning a profit of Rs 1,000 crore in the next five years.
The firm, which was established in 2017, presently operates a network of more than 50,000 stores in 100 locations and is present on well-known e-commerce sites like Amazon and Flipkart.
