In today's society, owning an iPhone is considered to be a status symbol. Many people dream of owning an iPhone one day. Crest Startup has generated a revenue of Rs. 15 crores by selling refurbished iPhones!
The use of smartphones has increased to the point where it is considered a status symbol. Making those dreams come true, the startup Grest has earned a revenue of Rs. 15 crores by selling refurbished iPhones. Crest, a Gurugram-based startup, aims to offer refurbished mobile phones and other electronic devices with the best quality and excellent performance, at affordable prices.
Co-founded by childhood friends Shreya Sardhana and Nitin Goyal in 2021, the startup sells refurbished iPhones, MacBooks, and laptops with warranties and guarantees. "There is often a perception that refurbished phones are of lower quality.
Our aim is to change that perception by offering them with warranties and quality assurance," says co-founder and CEO Shrey Sardana. Interestingly, in recent times, the perception around used devices has also been slowly changing. In particular, the craze for refurbished iPhones has also been gradually increasing.
The demand for refurbished iPhones in India has increased by 38% in the first half of 2024. Before starting Crest, Sardhana and Nitin worked for more than a decade at multinational companies. While Sardhana specialized in electronics repair and refurbishment in the US, he worked for telecom giants Nokia, Ericsson and ZTE.
They then began their entrepreneurial journey in 2018 by launching Radical Aftermarket Services, a startup that repairs electronics. They launched Crest in 2021, noticing a growing market for affordable refurbished gadgets. We saw a growing demand for premium-quality phones at an affordable price.
We also believed that our expertise could change the public perception that refurbished electronics are of low quality," said Sardana. The startup collects used devices from established retail partners like Apple Stores, Vijay Sales, Reliance Digital and Croma, as well as from individual consumers.
Our extensive distribution network includes 125 general trade partners and 15 large-format retail partners,” said Sardhana. Almost 15% of their total revenue comes from Apple products alone. With a repair unit in Gurgaon and a team of over 45 engineers, Crest has a 70%–80% success rate in repairing devices.
Each device undergoes a rigorous 50-point inspection that includes cosmetic checks, hardware functionality, battery health, software integrity, and performance testing. The devices come with a six-month warranty, a seven-day return policy, and free nationwide shipping. It says it can repair even the most serious damage to phones, including motherboard damage, battery issues and water damage. Along with smartphones, Crest also refurbishes laptops.
It targets startups looking for cost-effective devices for their employees, and refurbishes laptops. Laptops currently account for 10% of the company's revenue. Transparency and accountability are at the core of our approach to selling refurbished products. It costs 60% less to buy a refurbished device than a brand new product," he said. While demand for refurbished devices is growing, changing consumer perceptions of them remains a significant challenge for Crest.
Initially, awareness of refurbished phones was very low among customers. To this end, the company provides detailed insights into how devices are recovered through its website and blog, highlighting the extensive testing and rigorous scrutiny involved in the process. By refurbishing electronics and bringing them back to market, the startup is also working to reduce e-waste and be environmentally responsible.
"We contribute to sustainability efforts by extending the lifespan of devices and providing affordable alternatives to new products. Apart from India, Crest also sources components from China," he said. The startup has raised $315,000 so far. It is also working on raising additional funds to expand its business and improve its technology. With this, Sardhana hopes Crest can reach a revenue of Rs 100 crore next year.
Crest's refurbishment unit in Gurgaon currently operates in an area of 5,000 sq ft with a capacity to process 20,000 devices per month. In addition, its long-term goal is to establish around 400 stores to sell directly to customers in India and international markets
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