Biography of Saket Saurav: Founder & CEO of ReFit- Entrepreneur
Biography of Saket Saurav:
ReFit Global: Transforming E-Waste into Opportunity
The Birth of an Idea
In 2017, two ambitious professionals, Saket Saurav and
Avneet Singh, launched ReFit Global, a company focused on refurbishing and
recycling second-hand smartphones to combat e-waste. The inspiration for ReFit
came from a shared experience years earlier. While shopping for a phone, Avneet
found that the price of a new iPhone was beyond his budget, but a salesman
offered him a significantly cheaper second-hand phone. However, the absence of
quality checks and warranties made the purchase risky. This experience sparked
the idea to create a trustworthy, affordable alternative for refurbished
phones.
Early Days at ShopClues
Before founding ReFit Global, Saket and Avneet worked
together at ShopClues, one of India’s largest e-commerce platforms. They both
recognized the growing potential of refurbished products, and under their
leadership, ShopClues launched a successful refurbished mobile category, ReNew.
This move generated impressive revenue within the first month, further
cementing their belief in the growing market for refurbished gadgets. They
spent time researching the market, learning the ins and outs of sourcing, refurbishing,
and selling used phones.
Taking the Leap into Entrepreneurship
Determined to pursue their entrepreneurial dream, Saket and
Avneet left their stable jobs and invested all their savings into creating
ReFit Global. With a small personal loan of Rs 15 lakh each, they bootstrapped
their business, setting the stage for what would become a successful venture.
They poured everything into their new business, even though the refurbished
phone market was still in its infancy, and their competitors focused mainly on
selling new phones.
Facing Early Challenges
The journey was far from easy. In the beginning, the two
founders drove across markets with bags of 100 refurbished phones in their
cars, meeting with potential channel partners to sell their products. They
spent long hours educating consumers and distributors on the value of
refurbished phones, which had previously been seen as unreliable or risky.
Despite the hurdles, their dedication and hard work began to pay off as people
started to trust their brand.
Building Trust in a New Market
Saket and Avneet understood that building trust was crucial
for their success. Refurbished phones were a new concept to many, and there was
skepticism about their quality. To tackle this challenge, they made sure their
phones were thoroughly checked and repaired before being sold. They offered
warranties, which gave customers the assurance that they were buying a reliable
product. Slowly but surely, the trust in their brand began to grow, and the
company started to build a solid customer base.
The Power of Partnerships
One of ReFit’s early strategies was to build strong
relationships with mobile brands and major e-commerce platforms. These
partnerships helped them secure the phones they needed to refurbish and sell.
With over 50,000 retailers and distributors across more than 100 cities in
India, ReFit Global expanded its reach rapidly. Their network of partners
played a significant role in making ReFit a trusted name in the refurbished
phone market.
The Role of Shark Tank India
ReFit Global’s big break came when they appeared on Shark
Tank India, Season 3. They pitched their idea, asking for an investment of Rs 2
crore in exchange for 0.5% equity, valuing the company at Rs 400 crore. The
Sharks were impressed by their vision, and the company ended up securing an
investment of Rs 2 crore for 1% equity, plus 1% royalty until Rs 3 crore was
recouped. This funding would help scale up their operations, improve their
technological infrastructure, and expand their market reach.
Biography of Saket Saurav: Founder & CEO of ReFit- Entrepreneur/refurbish smartphones/age/net worth/investor/startup/ReFit story/Saket Saurav story
The Growth Surge
With the backing of the Sharks, ReFit Global experienced
rapid growth. The company achieved an incredible 100x year-on-year growth,
securing Rs 200 crore in revenue in FY 2022-2023. Their focus on
sustainability, through refurbishing and recycling old phones, resonated with
an eco-conscious audience, and their operations quickly expanded. They were now
on track to become a major player in the refurbished mobile industry.
A Vision for the Future
ReFit Global’s founders had big dreams for their business.
They envisioned growing the company into a Rs 1,000 crore profitable enterprise
within five years. Their goal was to expand the range of refurbished products
available, increase their market presence, and continue to promote a circular
economy. They saw themselves not just as a mobile refurbisher, but as leaders
in reducing electronic waste and encouraging sustainable consumption patterns.
Creating a Circular Economy
One of the driving forces behind ReFit Global’s mission is
its commitment to the circular economy. By refurbishing old gadgets, the
company helps reduce the growing problem of electronic waste, which poses a
significant environmental threat. Their efforts to recycle and repurpose old
phones and gadgets contribute to reducing the demand for new products, thereby
lowering the environmental footprint associated with electronics production.
The Road to Success
Saket and Avneet’s journey was a testament to the power of
perseverance and vision. They started with nothing but a shared idea and a deep
belief in their mission. Through countless sleepless nights, hard work, and a
relentless drive to make their vision a reality, they built ReFit Global from
the ground up. They not only transformed their own lives but also contributed
to a much-needed shift toward sustainability in the tech industry.
Winning Over Skeptics
In the early days, many people were skeptical about
purchasing refurbished phones. Consumers were often wary of the quality and
reliability of second-hand products. ReFit Global’s founders worked tirelessly
to address these concerns, ensuring that each phone was carefully inspected,
repaired, and certified. They created a reliable warranty system to further
boost consumer confidence. Their efforts slowly began to change people’s
perceptions about refurbished products.
A Growing Marketplace
The refurbished smartphone market in India is expected to
grow significantly in the coming years. As more consumers turn to affordable
alternatives to expensive new phones, companies like ReFit Global are
well-positioned to meet this demand. ReFit’s model of offering high-quality
refurbished products is appealing to budget-conscious consumers, especially in
a market where smartphones are rapidly becoming obsolete due to constant
upgrades.
Conclusion: A Sustainable Future
ReFit Global’s journey from a small startup to an industry
leader in the refurbished phone market highlights the power of innovation and
resilience. The company is not just providing an affordable alternative to new
phones, but also actively contributing to reducing e-waste and promoting
sustainability. With continued growth and technological advancements, ReFit
Global is on its way to becoming a major player in the circular economy, and
its founders remain committed to making a lasting impact on the environment and
the tech industry.
A timeline of ReFit Global's journey:
2017 - Saket Saurav and Avneet Singh launch ReFit Global to
refurbish smartphones.
Before 2017 - Both worked at ShopClues, leading the
successful launch of the refurbished mobile category.
2017-2018 - The founders bootstrap ReFit Global with savings
and a Rs 15 lakh loan each.
2018-2019 - Saket and Avneet educate consumers and build
trust in the refurbished phone market.
2020 - ReFit Global forms partnerships with mobile brands
and e-commerce platforms, expanding their reach.
2023 - ReFit Global appears on Shark Tank India, securing Rs
2 crore investment.
2022-2023 - The company experiences 100x growth, reaching Rs
200 crore in revenue.
2024 - ReFit Global aims for a Rs 1,000 crore enterprise
within 5 years, with a vision for a sustainable future.
