More About ReFit
ReFit refurbishes old mobile devices and sells them with a new warranty. They purchase old exchanged devices from big marketplaces like Amazon, Flipkart, etc They have an in-house diagnostic app through which they test mobile phones based on 47 parameters.
Founders of ReFit
Saket Saurav and Avneet Singh are the co-founders of ReFit Global, a refurbished mobile brand.
ReFit Shark Tank Pitch and Updates
Saket and Avneet appeared on Shark Tank India season 3 and shared details about their business ReFit.
The founders started their pitch by acting as a new mobile and refurbished mobile by wearing some cardboard banners. They represented that refurbished phones are as good as new mobile phones and they also come with a warranty.
After that, the founders shared more details about their business model, market size, and sales for the last few years. As per the founders, they have sold more than 15 lakh mobile devices in all these years.
After that initial pitch, the founder demanded INR 2 Crores for 0.5% equity at a valuation of INR 80 Crores.
After that, the Sharks started asking various questions about their business:
- Anupam Mittal asked the founders that several local shops already do the same process and sell old mobile phones. How they differ from them and how will they compete.
- Namita Thapar asked them the reason for such a high valuation and how much revenue their competitors are making.
- The Sharks asked them about their profitability and revenue but the founders were a little confused about the numbers.
- Aman Gupta left the deal because he was not confident about the founders’ ability to handle the financials of their business.
- Vineeta Singh asked them if they would also work with other gadgets or would keep their focus on mobile devices.
After all the discussion, the founders received multiple offers from different Sharks. In the end, after various changes, the founders accepted a combined offer from Vineeta Singh, Anupam Mittal, and Amit Jain.
| Company Name | ReFit |
| Founders | Saket Saurav and Avneet Singh |
| Headquarters | New Delhi |
| Founded Year | 2017 |
| Business | Refurbished Mobile Phones |
| Profitability | Yes |
| Shark Tank Episode | Season 3 – Episode 22 |
| Asked For | INR 2 Crores for 0.5% equity |
| Deal | INR 2 Crores for 1% equity with 1% Royalty Until INR 3 Crores is Recouped |
| Sharks Invested | Amit Jain, Vineeta Singh, and Anupam Mittal |
| Valuation Given | INR 200 Crores |
| Website | Click Here |
ReFit secured a deal of INR 2 Crores for 1% equity with 1% Royalty Until INR 3 Crores is Recouped at a valuation of INR 200 Crores from Amit Jain, Vineeta Singh, and Anupam Mittal.
Frequently Asked Questions About ReFit
After their appearance on Shark Tank India Season 3, people tried to find more information about ReFit. So here are some of the frequently asked questions about them.
1. Who Is The Founder of ReFit?
Saket Saurav and Avneet Singh are the co-founders of ReFit Global, a refurbished mobile brand.
2. Is ReFit From Shark Tank India profitable?
Yes, ReFit is a profitable brand right from its first financial year.
3. What happened to ReFit after the Shark Tank?
ReFit was able to secure funding in Shark Tank India and will now use the funds and guidance to compete with other leading players in the market.
4. What Is The Valuation of ReFit?
ReFit was able to secure a funding in Shark Tank India at a valuation of INR 200 Crores.
