Grest wants to show that refurbished phones can be as good as new
The Gurugram-based startup, which sells refurbished smartphones and laptops, promises topnotch quality and performance at affordable prices.
Smartphones, especially iPhones, are seen as symbols of status, besides being known for superior functionality and convenience. However, not everyone can afford their high price tags.
While refurbished phones are available at lower prices, these pre-owned devices are often perceived to be of lower quality—although this attitude is slowly changing.
Gurugram-based startup Grest wants to change the general notion by offering refurbished phones and other electronic devices with topnotch quality and performance, at affordable prices.
The startup, co-founded by Shrey Sardana and Nitin Goyal, targets millennials and Gen Z consumers who aspire to own premium gadgets but face financial constraints. Launched in 2021, the re-commerce platform specialises in refurbished iPhones, MacBooks, and laptops.
Dipping into their extensive experience in the electronics and telecom industries, the childhood friends set up Grest, which stands for ‘greatness in restorations’, to make premium devices accessible to a wider audience.
“Refurbished phones often carry the stigma of lower quality. We aim to change that perception by delivering devices that perform like new, backed by warranties and quality assurance,” says Shrey Sardana, Co-founder and CEO.
Interestingly, in recent times, the perception surrounding used devices has been slowly changing—with appetite for refurbished iPhones, in particular, rising steadily.
Demand for refurbished iPhones rose 38% in India in the first half of 2024, with iPhone 11 being the top-selling model, according to a whitepaper by online marketplace Cashify.
Corporate life to entrepreneurship
Before launching Grest, Sardana and Goyal spent over a decade in multinational corporations. While Sardana gained expertise in electronics repair and refurbishment in the United States, Goyal had stints at telecom giants Nokia, Ericsson, and ZTE.
Their entrepreneurial journey began in 2018 with Radical Aftermarket Services, a B2B repair-focused startup. Noticing the growing market for affordable refurbished gadgets, they pivoted towards Grest in 2021.
“This venture is the culmination of our childhood dream to build something impactful together. We saw the growing demand for premium-quality phones at accessible prices and knew we could bridge the gap (in quality) with our expertise,” says Sardana.
How it works
Grest serves both B2B and B2C customers via offline and online channels. It sources used devices from several channels, including individual consumers, unorganised players, and established retail partners such as Apple outlets, Vijay Sales, Reliance Digital, and Croma. These partnerships, spanning 22 states, form the backbone of the startup’s supply chain.
“Over the past five years, we have built a robust network of approximately 200 suppliers across India, enabling us to enhance operational efficiency and reliability,” says Sardana.
“Our extensive distribution network also encompasses 125 general trade partners and 15 large-format retail partners, providing widespread market access," he adds.
The startup’s ecommerce platform, which specialises in Apple products, contributes 15% of overall revenue. The majority of the revenue comes from the offline channel via distributors.
The devices are refurbished at a facility in Gurgaon with the goal of getting them to “near-OEM standards”. Each device undergoes a rigorous 50-point inspection covering cosmetic checks, hardware functionality, battery health, software integrity, and performance testing. Six-month warranty, a seven-day return policy, and free nationwide shipping are provided for the devices.
With a team of over 45 engineers, Grest boasts a 70–80% success rate in repairing devices. It says it can repair even severe damages, including motherboard damage, battery issues, and damage due to water.
“We don’t merely resell pre-owned phones; we meticulously restore them to like-new condition. Whether through physical stores or online platforms, we strive to meet customers wherever they prefer to shop. Transparency and accountability remain at the core of our approach to selling refurbished products," notes the startup's CEO.
The refurbished product costs about 60% less than the new one, he adds.
In addition to smartphones, Grest also refurbishes laptops, targeting startups that are looking for cost-effective devices for their employees.
“We’ve supplied laptops to startups like Wellverse and Relay E-Commerce, helping them save significantly while meeting their operational needs,” notes Sardana.
Laptops currently account for 10% of the company's revenue.
The re-commerce platform generated a revenue of Rs 15 crore FY24. It is targeting a monthly revenue of Rs 3.5 crore and hopes to clock about Rs 40 crore this financial year.
Challenges and opportunities
Changing consumer perceptions about refurbished devices remains a significant challenge for Grest, despite their growing demand.
Initially, there was very little awareness among customers about refurbished phones, but Grest’s emphasis on quality and transparency has been crucial in building credibility, says the startup’s founder.
“Educating customers about the quality and reliability of refurbished devices while maintaining affordability and sustainability is a constant balancing act,” he shares.
The company provides detailed insights into how devices are restored through its website and blog, highlighting the comprehensive testing and rigorous inspection involved in the process.
Despite the challenges, the market offers significant opportunities for growth.
The global market for refurbished smartphones is expected to grow from $80,415.90 million in 2024 to $258,824.2 million by 2034, at a CAGR of 12.40%, according to Future Market Insights.
Grest competes with players such as ControlZ, MobiGrage, Swappie, and ReCommerce.
Promoting sustainability and self-sufficiency
The startup also emphasises environmental responsibility as refurbishment reduces e-waste.
“By extending the lifecycle of devices, we contribute to sustainability efforts while offering affordable alternatives to new products,” remarks Sardana.
Apart from India, Grest also sources components from China. To promote self-sufficiency and reduce reliance on imports, it is developing in-house machinery such as automated testing systems, robotic arms, and grinding and polishing Machines.
“This aligns with the ‘Make in India’ initiative and enhances self-reliance,” says Sardana.
Looking ahead
The startup has raised $315K in funding so far, and is in the process of raising more funds to expand its business and enhance technology. Sardana hopes this would enable Grest to achieve Rs 100 crore in revenue next year.
Grest’s refurbishment facility in Gurgaon is spread across 5,000 square feet and can process 20,000 devices a month. The startup plans to scale this to a 15,000-square feet facility.
It also plans to launch company-operated B2C stores, starting with four locations in Delhi-NCR this year. The long-term goal is to establish around 400 stores, both in India and international markets.
Edited by Swetha Kannan