E-waste refurbishing start-up, Xfurbish has created a success story by making a profit of over 30% in their very first year of venturing into the market.
The brand has been working on creating a world-class in-house team and creating a market place for the refurbished unorganised market. It is one of the startups to watch for, registering a year on year growth of almost 75 per cent. The first FY revenues reached the benchmark by doing a business worth Rs.8 crores approximately.
Considering the e-waste management issue, the visionary founder Venkatesh Rao K, turned the problem into an opportunity.
“Electronic Waste is emerging as a serious public health and environmental issue in India. India is the “fifth-largest electronic waste producer in the world”; approximately 5.2 million tons of e-waste are generated annually and an undisclosed amount of e-waste is imported from other countries around the world. E-waste produced in India comprises of 70% of computer devices, 12% in Telecom sector, 8% Medical Equipment, and 7% Electrical equipment. And as per the market survey, the reuse of Electronic Equipment waste in India is estimated at 10-15% while the rest of the E-Waste is going for Raw Material Extraction Recycling. While e-waste recycling is a source of income for many people in India, it also poses numerous health and environmental risks. More than 95% of India’s e-waste is illegally recycled by informal waste pickers called kabadiwalas or raddiwalas”, says Venkatesh Rao, Managing Director, Xfurbish.
Having set its foot firmly in India with 27 offices across the country and 500+ vendors, more than 1.5 lac products and 3,000 repetitive customers, Xfurbish has expanded its reach in the international market by having associates in UAE, Nigeria, which will be further followed by UAE, USA, Srilanka, Bangladesh & Malaysia, in the coming times. By the end of FY 2021, the company looks forward to increasing the share of refurbished equipment by around 30-40% in the current markets.
The whole Idea of Xfurbish is to penetrate every corner of the world, individuals, companies, and organizations, creating the right revenue for e-waste instead of recycling. The platform is not only providing the much-needed e-commerce platform but also avidly educating the individuals to reuse the electronic waste, giving them Xfurbish protection and encourage sellers through an authorized partner program.
About Xfurbish: Xfurbish is the latest venture of Sureworks Infotech Pvt Ltd, leading IT solutions provider in Bangalore. The company is more than a decade old and one of the pioneers in Enterprises Support across India.
(Content was originally shared by the agency)
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