International markets continue to contribute meaningfully to our business, led by strong demand in the US and Europe and growing traction in the Middle East.
FinTech BizNews Service
Mumbai, September 3, 2025: GNG Electronics is India’s largest refurbisher of laptops and desktops. GNG Electronics is among the largest refurbishers of ICT Devices both globally and in India, with significant presence across India, USA, Europe, Africa and UAE, in terms of value, as of March 31, 2025. GNG Electronics has presence across the full value chain i.e. across 39 countries. GNG Electronics is truly Indian multinational.
Enhancing Financial Flexibility For Future Growth
The recent IPO of GNG Electronics was a resounding success. It was subscribed around 150 times, QIB 266 times, NII 227 times, and retail investors 46 times, with more than 44 lakh applications, making it a well-received offering in recent times. Mr. Sharad Khandelwal – Founder And Managing Director, GNG Electronics, proudly states: “This overwhelming response from institutional investors, NIIs, and retail participants is a strong validation of our business model, growth strategy, and leadership position in the refurbished ICT industry.”
The primary objective of the fundraise was to strengthen the balance sheet of GNG Electronics through debt reduction. Mr. Khandelwal adds: “From the net proceeds, we are reducing INR320 crores towards debt availed by our company and our material subsidiary. This step will help reduce financing cost and enhance financial flexibility for future growth. We are truly honoured and humbled by the confidence the market has placed in us, and as a management team, we are committed to delivering sustainable growth, profitability, and long-term value for all stakeholders.”
Beginning with operations in India and UAE
Mr. Sharad Khandelwal – Founder And Managing Director, GNG Electronics, is a Chartered Accountant of 1994 batch, and held all India rank (6) during that examination, conducted by ICAI.
Necessity is the mother of invention. This proverbial truth holds good even for GNG Electronics. Lack of good refurbished computers was the most powerful driving force behind the creation of new solutions by Mr Khandelwal.
Soon after becoming a CA, Mr Khandelwal started computer distribution business. During the course of his journey, Mr Khandelwal realized there is a need for refurbished computers, but despite being in the industry, he could not find many suppliers. He researched around the same between 2015-16, during which he visited numerous facilities in Canada, Europe, and the United States. Mr Khandelwal elaborates: “What I realized was while Europeans and Americans could refurbish devices, they were mostly on the functional side, they could do nothing much on the aesthetic side, even on the functional side, when the input quality was good. So, quite humbly, we wanted to create a product which was like new in terms of both performance and aesthetics. To that end, we started as a proof of concept, a small facility in Andheri, Mumbai, 1200 square feet facility. And when we got the product right. In 2017, we started simultaneous operations in India and UAE to harness 70% of the total addressable computer market.”
Global Computer Market
In terms of market size, a third of computers sold globally are pre-owned or refurbished, and the phenomena is common both for developing and developed countries alike. The United States sells 90 million computers, 65 million are brand new, 25 million are refurbished, Europe around the same. Mr. Khandelwal quantifies: “In our country, 20 million computers are sold, of which 15 million are brand new and 5 million are refurbished.”
Selling Around The World
Multiple devices are used for multiple tasks. Phone is for communication, tablet for note taking, but computer is a primary device for productivity, creativity, and education needs. With more and more high-end computing required due to AI and other applications, a premium high-end refurbished computer at affordable price is a very, very relevant proposition and very good use case for all kinds of customers. Mr. Khandelwal points out: “We are fully integrated, present across full value chain and very, very granular in our facilities. We buy from large corporates, mid-corporates, leasing companies, aggregators, ITeS companies in India and international markets. We refurbish them in our granular facility following 21-step refurbishment process including paint, LCD work, and fabrication, bringing them to a state of new. It is very unique to us and we have been selling around the world using our channel strength to reach ultimate customer as close as possible. This presents very high barriers to entry. We try to solve credibility, reliability, and affordability in this business.
Strong Demand In US, Europe; Growing Traction In Middle East
In terms of scalability, India sells only 15 million computers per year. Mr. Khandelwal gives comparative picture: “When you compare that with China, the US, and Europe, our numbers are still very, very low. International markets continue to contribute meaningfully to our business, led by strong demand in the US and Europe and growing traction in the Middle East. Due to our channel strength around the world, we are able to offer fair price to our suppliers and we are able to secure good products, which helps in expansion of our top line. Market per se, there is more openness, more keenness, and more awareness to use refurbished devices from the climate standpoint of view, from sustainability standpoint of view, and most importantly, from the economic rationale that these devices offer. In our goal to reach closer to corporate and government customers, we have initiated a project in India and US market. We have initiated a project in which we are going to select corporates and governments corporates in the US and Indian market.”
Strong global supply chain, established sourcing base with long tail of vendors
GNG Electronics has streamlined process encompassing all stages of operations ensuring consistent quality. It has Multi - channel procurement network globally. The company has established a robust supply chain that facilitates smooth operations from procurement of used ICT Devices to the delivery of refurbished ICT Devices. Mr. Khandelwal explains: “Our refurbished ICT Devices are being sold through efficient VAR (Value Added Resellers) network, in 35 countries! Our Sales network comprises, 3,265 touchpoints in globally. We get repeat business from VARs and distribution partners on account of our quality, skill set and cost advantages. Our facility in Sharjah, UAE is located in Sharjah Free Zone offering several benefits including in house accommodation to the employees ISO and R2V3 certified. Our facility in the USA serves North and South America. Global presence allows us to serve customers in multiple countries with ease and reliability, and also harness huge global market opportunities. Ecommerce industry is thriving in United States and the European markets.”
