ReFit Global raises $1M seed from UAE family office
By Abha Lohia ·
- ReFit Global refurbishes and sells used phones and electronics through distributors, wholesalers, retail stores and online marketplaces across India
- It has secured a $1 million seed round from a family office based in the UAE
- The money will go into more stores, better refurbishment, technology and a combined online-offline sales platform, with Gulf and Africa plans
What happened
- ReFit Global raised $1 million in a seed round.
- The investor is a UAE-based family office.
- Funds will expand retail outlets and refurbishment capacity.
- Part goes to technology and an omnichannel platform.
- It plans wider B2B and D2C efforts.
Why it matters
- Used electronics are a growing, cheaper alternative to new devices.
- The round gives it a base to expand towards the Gulf and Africa.
- It shows overseas family money backing Indian circular economy firms.
The business
- Refurbishes used phones and electronics.
- Sells via distributors, wholesalers and retail outlets.
- Runs 12 ReFit Xpress stores.
- Claims 75+ distributors and 2,000+ wholesalers.
- Claims 50,000+ retail outlets.
- Reports a 92% refurbishment yield.
- Appeared on Shark Tank India Season 3.
The founders
Who put in money
- UAE-based family office Investor — Name not disclosed
What happens next
- Expand retail footprint
- Build omnichannel platform
Earlier rounds
- Seed: $1M from a UAE family office
Words to know
- Family office
- A private firm that invests a wealthy family's money.
Other articles talking about it
Terms in this story
- Funding stage: Startups raise money in steps called funding stages: pre-seed, seed, Series A, B, C and later, ending in a stock-market listing or a sale. Each step is larger than the last and asks for more proof.
- Seed round: Pre-seed and seed are the first money a startup raises from outside investors. The difference is mostly how much has been built when the cheque arrives: pre-seed backs an idea, seed backs an early product.
- Family office: A family office is a private company that manages the wealth of one wealthy family, or a few families together. In startups, family offices invest directly in companies and also back venture funds as limited partners.
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