Dateline: Gurugram, April 22, 2026
Grest , a leading premium refurbished electronics platform, has announced that it has secured a foreign direct investment (FDI) from ICMG, a Japanese venture capital, as part of its ongoing undisclosed Pre-Series A funding round.
This early-stage cross-border investment underscores the sector’s increasing strategic relevance and signals rising global interest in India’s refurbished electronics ecosystem.
This is Grest’s first foreign direct investment (FDI) and marks a meaningful step not just for the company, but for the overall category that is burgeoning and is pegged at 154 million units and 5.5% YoY for 2024, as per IDC data.
Founded by Shrey Sardana and Nitin Goyal in 2018, Grest has been building within a segment that sits at the intersection of affordability, trust, and sustainability. The refurbished electronics market in India, while large in potential, remains operationally complex and perception-sensitive. Companies operating in this space are required to solve not just for supply and pricing, but for standardization and consumer confidence at scale.
“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. As consumer journeys become increasingly omnichannel, the opportunity lies in building a trusted, organized platform anchored in quality and transparency. At Grest, we are focused on scaling our omnichannel presence to deliver a consistent experience and emerge as a leading player in India’s premium refurbished electronics category,” said Shrey Sardana.
The entry of a Japanese VC through an FDI route at the Pre-Series A stage signals a deeper shift. Traditionally, cross-border capital in India has gravitated towards more mature businesses. However, early-stage participation of this nature reflects growing conviction in India’s recommerce infrastructure and its long-term viability.
ICMG’s investment can be read as a marker of increasing global interest in these underlying shifts. As circular economy models gain relevance worldwide, India’s recommerce opportunity, particularly in high-value categories like smartphones and laptops, is beginning to attract more structured, long-term capital from international players.
"In Japan, we have seen firsthand on how consumer attitudes toward refurbished electronics have shifted. 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. Grest is building the trust infrastructure that this transition requires, and we are excited to support them at this early stage of their journey. We aim to also open up co-creation opportunities for Grest in international markets with our Japanese network,” Gen Funahashi, CEO, ICMG.
For Grest, the addition of a foreign investor at this stage brings strong external validation to a model it has been steadily developing. More broadly, it reflects a changing posture of global investors, who are now engaging earlier with platforms that are attempting to formalize and scale traditionally fragmented markets.
While still an evolving category, recommerce in India is gradually moving from the periphery towards the mainstream. Developments such as this suggest that the next phase of growth may be shaped not just by domestic demand, but also by increasing global alignment, and early-stage international capital backing the sector’s long-term potential.
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