Refurbished electronics firm Grest secures strategic FDI from Japan’s ICMG

Mumbai: Grest, a refurbished electronics firm, has secured foreign direct investment from Japan-based venture capital firm ICMG, marking an early-stage cross-border bet on India’s fast-formalizing recommerce market.

The investment underscores rising global interest in India’s refurbished electronics ecosystem, a category pegged at about 154 million units in 2024, growing 5.5% year-on-year, according to IDC. The company was founded by Shrey Sardana and Nitin Goyal in 2018.

“India’s refurbished electronics market is evolving into a large, fast-formalizing category, with industry reports estimating 20 million used smartphones traded in 2024 and a clear shift toward premium devices,” said Sardana. “As consumer journeys become increasingly omnichannel, the opportunity lies in building a trusted, organized platform anchored in quality and transparency.”


The entry of a Japanese investor at the pre-Series A stage reflects a broader shift in capital flows. Cross-border funding into India has typically favored later-stage companies, but early participation suggests growing conviction in recommerce infrastructure and long-term demand. ICMG’s investment also signals increasing alignment with global circular economy trends, where refurbished and reused electronics are gaining traction as cost and sustainability pressures reshape consumption patterns.

“In Japan, we have seen first hand how consumer attitudes toward refurbished electronics have shifted,” said Gen Funahashi. CEO at ICMG. “What was once considered a compromise is now a conscious, mainstream choice driven by both economic and environmental values. We believe India is at a similar inflection point.”

While still nascent, India’s recommerce sector is moving toward greater formalization, with structured platforms beginning to replace fragmented offline channels. Early-stage foreign capital backing companies such as Grest indicate the next phase of growth could be shaped as much by global investor interest as by domestic demand.