Grest: A Gurugram Startup Commits to Sustainability and Recommerce; Offers High-Quality Refurbished Smartphones

Subham Kumar

Nov 25, 2024 — 6 min read

Grest: A Gurugram Startup Commits to Sustainability and Recommerce

New Delhi [India], November 25: The refurbished mobile phone sector is expanding and playing a crucial role in promoting sustainability by reducing electronic waste and conserving resources. It provides affordable access to quality smartphones, making technology accessible to a broader audience. Additionally, it supports circular economies by reusing devices, lowering environmental impact, and extending the lifecycle of mobile phones, contributing to eco-friendly practices. Grest, based in Gurgaon, was founded with the vision of tackling environmental challenges and reducing e-waste. In a candid chat with Nitin Goyal, Co-Founder, and COO of Grest, he shared how Grest is refurbishing mobile phones with its 'Make-in-India' machine and offering renewed premium iPhones at affordable prices.

Tell us about Grest. What differentiates Grest from its peers?

Grest, founded in 2018, is a tech-enabled full-stack reverse commerce company specializing in refurbished electronic devices primarily focused on smartphones and laptops with a strong emphasis on sustainability and the principles of circular economy. By extending the lifecycle of electronics and reducing e-waste, Grest actively contributes to a circular system where resources are reused rather than discarded.

Our robust expertise across the entire refurbishment process sets us apart from our peers. From sourcing devices through our self-developed C2B price discovery application from our 20+ partners to conducting advanced in-house repairs and refurbishment, we manage every step and process. Our 20,000-square-foot state-of-the-art facility is equipped to handle even the most complex repairs, including intricate chip-level and deepest motherboard issues. We have a PAN India distribution channel for selling as well with an active and growing online presence.

We take pride in offering customers high-quality, aspirational, affordable, and reliable products that are refurbished to ‘like new’ condition, complete with peace-of-mind warranties and hassle-free returns. At the heart of the Grest brand are four key pillars—availability, affordability, accountability, and accessibility—that ensure a seamless & trusted experience for our customers and value in their purchase.

What is the scope for Grest in the B2B space of the refurbished mobile phone sector, and how are you planning to capture the B2C space?

The B2B space for refurbished devices presents immense potential, and Grest has carved out a strong foothold with over 500 distributors and active retail partners across 26 states and 5 UTs in India, enabling us to meet the growing demand for reliable refurbished smartphones at scale. We’ve cultivated long-term relationships with large retail chains, independent dealers, and retailers, ensuring our devices are readily available in urban, Tier-1/2/3, and rural markets.

Our in-house innovation is a key differentiator, with a custom-built Make-in-India machine at our facility designed to handle advanced repairs and refurbishment processes, ensuring precision and efficiency. This capability allows us to restore devices to like-new condition, meeting the highest quality standards. With this robust infrastructure, we are not only delivering aspirational premium devices to consumers but also empowering businesses with a steady supply of trusted, high-quality refurbished smartphones.

Similarly, the B2C space is equally promising, with our recently launched online platform exclusively focused on Apple products, offering individual consumers high-quality refurbished iPhones with peace-of-mind warranty and hassle-free returns. Our plan is to provide a seamless & trusted shopping experience that combines affordability, reliability, and accessibility for customers across India.

What inspired you to found Grest?

We saw a huge gap in the market for an organized and trustworthy refurbished products company, particularly in the premium segment. With the rising cost of new smartphones and the growing demand for affordable options, it was clear that a professionally managed solution could benefit both consumers and the environment. India is a huge smartphone re-commerce market of around $10 Bn and currently with no dominant player, there is a huge scope to capture this blue ocean. We wanted to build a brand that stands for quality and trust, and that’s how Grest was born—to make refurbished devices a viable, mainstream choice for customers.

How does it work with your stakeholders? Tell us about the latest developments.

Our business thrives on strong partnerships with OEMs, Apple Premium Resellers, Large Format Retail chains, and localized players. Recently, we onboarded an IT expert and highly experienced CTO, Mr. Sanjeev Aggarwal, to lead our tech developments. His expertise will help us drive innovations, especially with our in-house technology systems and processes.

Additionally, we’re advancing our ‘Make in India’ initiative with these developments, aiming to make our machines and processes more efficient and technology-driven.

How has the journey been so far, and what is your long- and short-term vision?

It’s been a very rewarding journey since we started in 2018. Initially, we focused on B2B repair services to our clients, and over time understanding the market and whole supply chain, we shifted towards building a product brand and catering to both B2B and B2C segments. Our short-term goal is to strengthen our online B2C presence and expand our operations across more regions in India. In the long run, we aspire to lead the refurbished electronics market in India and aim to achieve revenue of ₹2,000 crores within the next five years along with our global aspirations and vision. With our vast experience and dedication, we’re confident in making Grest a household name in the refurbished tech space.

Please brief us on the business and revenue model? What is the revenue currently?

At Grest, we’ve built our business on a hybrid model that allows us to source devices directly from consumers through a trusted network of partners. Each device undergoes rigorous quality checks before being repaired and refurbished to meet the highest quality standards. Once restored, these smartphones are distributed through our online and offline channels across 26 states and 5 UTs in India, ensuring accessibility for businesses and individual consumers.

Our focus has always been on delivering high-quality products and a seamless trusted experience, and this approach has fuelled our consistent growth. We’ve seen strong momentum across both B2B and B2C segments, with our recently launched online platform for Apple products driving significant interest among individual buyers. As we expand operations and work towards scaling further, we’re confident to meet the growing demand for aspirational, affordable, reliable refurbished devices while building a sustainable and profitable business. With 5X growth in the last financial year as compared to the previous one, we are aiming at a revenue of Rs 2000 crore over the next five years.

Tell us about yourself and the other co-founders. What is your background?

I’m Nitin Goyal, Co-Founder of Grest. I am B.Tech. from YMCA and MBA from MDI Gurgaon. My professional background includes nearly a decade in corporate leadership roles across multinational corporations in the telecommunication sector, having worked with major telecom brands like Nokia, Ericsson and ZTE. I was a part of team to launch the first 4G services in India by Airtel and headed some big projects in North America and Latin America markets as well. Along with my 22 years old friend and now Co-founder Shrey Sardana, we bring a diverse set of skills and a shared passion in the re-commerce industry. Our combined expertise has helped us navigate and grow in the competitive refurbishment market and fulfilling our customer needs.

What are your expansion and future plans to take Grest to the next level? Any fundraising plans?

Having mastered the supply chain, expansion is a primary focus for us as we look to scale our business. We’re constantly growing our distribution network, strengthening our online sales channels, planning for COCO-based, offline experience centers and further establishing our presence in the refurbished smartphone and laptop market. We’re a funded company and also actively pursuing additional fundraising to support this growth. Our goal is to leverage and utilize these funds to build even more robust infra and facilities, hire additional talents, and continue to invest in brand building and our in-house technology roadmap. Ultimately, we’re aiming for significant growth in revenues and market share in the coming years along with notable profitability.