- Founder/Owner: Saket Saurav and Avneet Singh
- Business: Refurbished Phones
- Ask: ₹2 crores for 0.5% Equity
- Valuation/ Networth: ₹400 Crores
- Funding: ₹2 crores for 1% Equity + 1% royalties until ₹2 crores is recouped
- Sharks: Anupam Mittal, Vineeta Singh & Amit Jain
- Episode: Season 3 Episode 22
ReFit Global Shark Tank India Pitch:
ReFit is an Indian startup which appeared on Shark Tank India Season 3 Episode 22. They refurbish old mobile phones and sell them with a warranty. They procure phones from marketplaces and retailers, then diagnose them in-house and check each phone against 47 parameters. Based on that report, they refurbish the phones to be like brand new devices.
Since their inception in 2017, they have sold over 15 lakh devices. They have recently launched their website due to consumer demands. The owners added that their offline model is based on a zero deadstock business model. The owners’ vision is to become a one-stop solution in the refurbished market for all products, and to fulfill this, they sought an investment of ₹2 crores for 0.5% of the company, valuing the business at ₹400 crores.
ReFit Global Revenue & Financials during Shark Tank India:
ReFit shared that they are present across India, which gives them a unique advantage over their competitors and local vendors. In FY22-23, the company did revenue of ₹187 crores on which they made a profit after tax of 1.08%. Their gross margin is 14% for B2R (Business to Retailer) channels. Their average selling price is ₹7000. In August 2023, they did revenue of ₹35 crores and made a net profit of ₹95 lakhs after all expenses.
The owners added that they are completely bootstrapped at the time of their pitch. ReFit had a loan amount of ₹2.5 crores on the company at 14-16% interest. They added that they do have a secured overdraft attached to it.
ReFit Global Shark Tank India Negotiations & Funding:
Aman was the first shark to go out due to the entrepreneurs not having their numbers straight. Namita shared the same sentiment; therefore, she also stepped out of the negotiations.
Anupam puts out the first offer, but he added that it comes with a condition. His condition was that he would only do the deal if Amit joins him. He offered ₹2 crores for 1% equity, but in addition to that, they would take ₹100 (1.5%) as royalty on each unit sold until they make 2X of their investment back. Amit joined that offer. Vineeta also jumps in with the same deal, but she added that she would take only 0.5% equity as compared to 1% offering valuation of exactly what the owners asked for, which was ₹400 crores.
The owners added that they would not take a royalty deal, and they countered the Sharks with two offers. First was ₹2 crores for 1% but no royalties or ₹1 crore for 0.5% and ₹1 crore as debt. Amit reduced the royalties on their offer to ₹70 per unit, which owners refused again because they did not want to do a royalty deal. Amit makes another offer of ₹2 crores for 1% and 1% royalties on net sales until they recoup ₹3 crores back. Anupam & Vineeta both agreed with that and joined that offer. The owners accepted that offer, and they shook hands on a ₹200 crore valuation.
Who are the owners of ReFit?
Saket Saurav and Avneet Singh are the owners of ReFit. They are both based in Delhi.
How is ReFit doing after Shark Tank India?
Our research on ReFit revealed that while they got a deal on Shark Tank India, whether their deal with Sharks closed after the show is still unclear. Early signs, however, show that there is a good sign that they may have gotten the funding. As their episode aired on February 20, currently they are feeling the Shark Tank effect and enjoying the exposure the show gave them. While their numbers are not yet visible, we will update this article as soon as more information comes to light. This company’s products are not available on Amazon, but you can check out other Shark Tank products by clicking the button below!
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Source: Instagram @refitglobal
Here are other companies from Season 3 Episode 22: