A India Delhi based sibling pair that founded a home appliance refurbishment company raised capital and is currently making Rs 4 crore a year.
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A India Delhi based sibling pair that founded a home appliance refurbishment. Credit: Ashlin Bansal and Sachit Bansal, Founders of Costify
A India Delhi based sibling pair that founded a home appliance refurbishment
A India Delhi based sibling pair that founded a home appliance refurbishment, Costify is a New Delhi-based firm that specializes in reconditioned household equipment and was founded in 2022. Over 8,000 clients have been handled by the business since its founding. Entrepreneurs Ashlin and Sachit Bansal set out to address the lack of actual utility in Indian houses in 2022.
Their goal was simple: to provide everyone with access to top-notch air conditioners, refrigerators, and washing machines. Together, they established Costify, a firm in New Delhi that provides reasonably priced, warranty-driven, quality-checked, and refurbished household products.
At the moment, the firm is making more than Rs 4 crore a year, keeping its 4.5-star Google rating, and growing its network of technician training facilities around the Delhi NCR area.
THE HISTORY
Rajesh Bansal, the father of Ashlin and Sachit, has been operating a natural stone export company for many years. However, everything fell apart when the global financial crisis of 2008 hit.
But not the spirit of Rajesh. This time, he made a fresh start in the real estate industry. However, that firm also started to fail when demonetization and RERA stopped cash flows nationwide. The highway restaurant franchise he had started next was stopped down by the COVID-19 pandemic before he could recuperate. As a result, he changed his focus to providing fruits and vegetables to online retailers like Blinkit, Zepto, and Swiggy.
During this stage, Blinkit’s dark store project provided our father numerous deep freezers and visi-coolers. Cold stores were taking the place of their dark stores. He made the decision to sell the 600 industrial refrigerators he had in stock, as Ashlin Bansal had previously revealed.
“We witnessed our parents’ calm perseverance in the face of adversity. We have always been shaped by our resilience. Ashlin and I worked as waiters, store cleaners, and grocery store billers while we were studying overseas. In an exclusive interview with Startup Pedia, Sachit Bansal says, “This was more about the desire to be rooted than it was about need.”
Their father taught them that there is always a second chance. Interestingly, it served as the foundation for Costify India, a business founded by Sachit and Ashlin Bansal that values rejuvenation, restoration, and second chances. Regarding appliances. For human beings. For everything.
COSTIFY’S CURRENT SOLVES
The $25 billion reconditioned section of India’s white goods business has been mainly disorganized for decades. And that’s precisely why it has so many issues, like mistrust, uneven quality, and e-waste. Ashlin Bansal, an entrepreneur, tells Startup Pedia that Costify solves exactly that.
Reconditioned? It is no longer dangerous.
Refurbished appliances are primarily marketed informally throughout India. on the advice of acquaintances who are renowned for their skill to put together “jugaad,” or within shabby-looking stores and warehouses. This image is reversed with Costify. The refurbishment startup undergoes multi-phase testing, authentic part replacement, and QC paperwork for each product it offers. It ships with a complete guarantee only after that.
The difference between “expensive” and “unreliable”
Indians have long struggled with an intriguing issue: second-hand, refurbished equipment are just unreliable, yet new appliances feel expensive. The outcome? Homes that don’t work, no indication of opulence.
Costify fills that void. With the same dependability and post-purchase assistance, the product costs 50–70% less than brand-new appliances.
Increasing e-waste
India produces 1.7 million tons of e-waste annually. A large portion of it comes from household equipment that could have been fixed, renovated, and used securely. According to businessman Sachit Bansal, “Costify gives them five to seven more years of life, keeping thousands of units in use, not in landfills.”
THE PROCESS BEHIND THE PEOPLE: HOW TO COSTIFY INDIA
Ashlin and Sachit have established a clear procedure to replace the nation’s disorganized repair ecology, which was full of jugaad, fast fixes, and conventional techniques. Within eight to twelve weeks, they developed an AI-assisted refurbishing and training system that transforms recent ITI graduates into proficient, process-driven technicians.
This program covers every aspect of the repair cycle, including documentation, customer communication, warranty uniformity and discipline, diagnostics, and SOP-based fixes. This consistency enables us to guarantee that every equipment that leaves Costify is fixed in the same manner, regardless of the circumstances. There is nothing left to chance. Ashlin, the founder of the startup, says, “Everything is left to process.”
“A large number of our ITI graduates are from low-income families. We assist people in cultivating a positive connection of use, speed, and accuracy with AI rather than instilling in them a worry that it will steal jobs. Naturally, one of the most satisfying aspects of our renovation startup experience has been witnessing people increase their income and sense of self, says Sachit.
FUNDING AND GROWTH
More than 8,000 clients in the Delhi-NCR area have been served by Costify India thus far, who has provided them with premium, reconditioned appliances such as washing machines, air purifiers, heaters, refrigerators, air conditioners, and microwaves.
Several Indian states are showing interest in franchising. Local business owners and renovation warehouses want to work with us rather than compete. Actually, this is a victory. Sachit Bansal tells Indifact News that Costify’s trust-led strategy is genuinely resonating.
Furthermore, the refurbishment startup is currently having senior-level conversations with OEMs on circular economy activities related to warranty stock, returns, and seconds. OEM collaborations are uncommon in the industry we operate in. Ashlin says, “We are eager to see where it takes us.”
Then, a major participant in the nation’s used automobile market, where uniformity and trust gave rise to industry titans like Spinny and Cars24, contacted Costify to discuss similarities and potential cooperation. The Delhi-based restoration firm has been contacted by a number of venture capitalists regarding funding. However, the founders made the decision to proceed with an undisclosed angel round from believers and operators.
Entrepreneur Sachit Bansal states, “Our angel investors are people who genuinely believe in the long-term game we’re trying to ace: build trust in a broken market and make every Indian home functional.”
They assembled a team of influential consultants to fortify their base: Alumnus of BITS Pilani, Pankaj Saraogi is an expert in NCLT and stressed-asset turnarounds. Rajesh Krishnan, a serial entrepreneur, investor, and startup mentor with a B.Tech from IIT Delhi and an MBA from Wharton Lenovo’s head of notebooks, Sorabh Goyal, offers industry knowledge.
“Our parents instilled in us the value of admiring those who are more knowledgeable than you. Ashlin grinned, “Our board of advisors are just that a group of knowledgeable people who are positioning us to win this.” The New Delhi-based refurbishment startup is currently making over Rs 4 crore a year thanks to a quickly expanding B2B clientele and robust repeat business.
THE PATH AHEAD: CREATE A PLATFORM RATHER THAN JUST A BRAND
Ashlin and Sachit Bansal, the company’s founders, are certain that Costify India will become a byword for dependability and trust as they work to create a circular economy platform for reconditioned home appliances in India. The refurbishment startup plans to switch to one-year warranties within the next two years in order to comply with manufacturer requirements.
Additionally, the team intends to develop predictive failure data and real-time quality check tracking to make every repair smarter and more seamless, strengthen partnerships with OEMs, trade-in programs, and institutional disposals for a consistent supply of high-quality stock, and eventually expand from NCR hubs to Tier-2 spokes and a pan-India rollout.
“People already have faith in reconditioned phones and certified old autos. Next are appliances, and we’re working to make that happen. This goes beyond simply creating a retail brand and calling it a day. We want Costify’s influence to genuinely trickle down and benefit Indian households in a way that hasn’t been done before. And we are striving toward that every day,” Sachit Bansal concludes.
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