GNG Electronics IPO

GNG Electronics is India’s largest laptop and desktop refurbisher and a leading global player in ICT device refurbishment, with a strong presence in India, the USA, Europe, Africa, and the UAE. Operating under the “Electronics Bazaar” brand, the company handles the entire refurbishment process, from sourcing and refurbishing to sales, after-sales services, and warranty support. 

The company is a certified refurbishment partner for Lenovo and HP, the top two global brands. As of 30 September 2024, it operates across 35 countries, covering regions in North America, South America, Asia, Asia Pacific, Europe, Africa, and the Middle East. This extensive global presence highlights its significant reach and partnerships with leading industry players. 

Peer Comparison 

• Newjaisa Technologies Limited 

SWOT Analysis of GNG Electronics Limited 

Strengths & Opportunities	Weaknesses & Threats
Diversified business segments, including distribution, e-commerce, and refurbished laptops, enhancing market reach and revenue streams.	Working capital-intensive operations, leading to higher utilization of cash credit facilities and potential liquidity challenges.
Extensive distribution network with over 1,000 distributors across India, ensuring widespread product availability.	Exposure to technological obsolescence risks necessitates continuous innovation to stay competitive.
Established e-commerce platform, “Electronics Bazaar,” offering refurbished laptops with distinct brand positioning and premium pricing.	Elevated overall gearing levels, with a group-level gearing ratio of 2.01 times, indicating high debt relative to equity.
Recognition as an Amazon Premium Pro Seller for categories like personal care appliances and video games, boosting brand credibility.	Potential for increased competition in the IT distribution and refurbished laptop markets, which could pressure margins.
HP Certified Refurbisher status, enabling access to genuine Windows licenses and enhancing product offerings.	Vulnerability to fluctuations in foreign exchange rates, especially with international operations in Dubai.
Geographical diversification through Electronics Bazaar FZC in Dubai, catering to US and European markets.	Dependence on the refurbished laptop segment, which may face market saturation or regulatory changes.
Dual certifications as Microsoft Authorized Refurbisher and R2v3 license holder, facilitating e-waste procurement from MNCs.	Risks associated with maintaining product quality and customer satisfaction in the refurbished electronics market.
Steady revenue growth, with projections exceeding ₹3,000 crores, indicating robust financial performance.	Challenges in managing a large and diverse distributor network may affect operational efficiency.
Improved EBITDA margins, with expectations to surpass 4% on a sustainable basis.	Potential supply chain disruptions impacting inventory levels and product availability.
Experienced management team with over three decades in the Indian IT distribution industry, ensuring strategic leadership.	Regulatory changes in e-waste management and refurbishment standards could affect operations.
Positive outlook from CARE Ratings, reflecting confidence in the company’s financial stability and growth prospects.	Economic downturns or reduced consumer spending could negatively impact sales and profitability.
HP Certified Refurbisher status, which enables access to genuine Windows licenses, enhancing the company’s product offerings and credibility in the market.	Environmental concerns and sustainability issues related to electronic waste management may pose operational challenges.

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More About GNG Electronics Limited

GNG Electronics Limited is India’s largest refurbisher of laptops and desktops and one of the largest refurbishers of ICT devices globally. The company has a significant presence across India, the USA, Europe, Africa, and the UAE, with operations valued as of March 31, 2024 (Source: 1Lattice Report). The company follows a repair-over-replacement approach, providing cost advantages and promoting sustainability by reducing carbon footprints. 

Operational Excellence 

The company operates under the brand “Electronics Bazaar” and is present across the entire refurbishment value chain, including sourcing, refurbishment, sales, after-sales services, and warranty. 

Key Offerings: 

• Affordable ICT Devices: The company provides refurbished laptops, desktops, tablets, servers, smartphones, mobile workstations, and accessories, ensuring products are as good as new, both functionally and aesthetically. 

• Laptops are sold at one-third the price of new devices. 

• Other devices (desktops, tablets, smartphones) are sold at 35-50% of the new device price. 

• Warranty: The company pioneered the concept of warranty for refurbished ICT devices, offering industry-leading warranty terms. 

• Superior Quality: Refurbished devices sell at a premium due to their high quality and reliable warranty solutions. 

Revenue and Sales Growth 

As of the six months ending September 30, 2024, GNG Electronics reported total revenue from operations of ₹6,079.6 million. Revenue from the sale of laptops accounted for ₹4,595.38 million, making up 75.5% of the total revenue. Revenue from other devices, including desktops, tablets, and accessories, stood at ₹1,484.24 million, contributing 24.4% to the total revenue. 

Customer Base and Global Reach 

The company has a diverse and growing customer base, with 3,265 touchpoints across 35 countries as of September 30, 2024. This includes IT solutions providers, system integrators, e-tailers, and global refurbishment companies like Joy Systems Inc (USA) and PhoenixRM Ltd (Europe). Additionally, GNG Electronics serves prominent customers such as HP India Sales and Lenovo Global Technology. 

Strategic Partnerships 

The company has formed strategic alliances with global brands and companies, enabling access to the global market and maintaining high standards of refurbishment: 

• Certified Refurbishment Partner with Leading Brands: 

• Lenovo (Market share of 24% in CY 2023) 

• HP (Market share of 21% in CY 2023) 

• IT Asset Disposal (ITAD): 

• The company partners with IT leasing companies, banks, and consulting firms to meet sustainability and data privacy requirements. 

• Value-Added Services: 

• ITAD, e-waste management, warranties, doorstep service, on-site installation, flexible pay options, and buyback programmes. 

Global Sales and Distribution 

• Sales Network: The refurbished ICT devices are sold in 35 countries. 

• Touchpoints: As of September 30, 2024, there are 3,265 touchpoints globally, including IT solutions providers, value-added resellers, e-tailers, and leasing companies. 

• Procurement Network: The company has 447 procurement partners, including corporates, recyclers, and large retailers globally. 

Facilities and Infrastructure 

The company operates five refurbishing facilities across three regions: 

• India: One facility in Navi Mumbai, Maharashtra 

• USA: One facility in Dallas, Texas 

• UAE: Three facilities in Sharjah, UAE 

Each facility is equipped with advanced refurbishing capabilities, including screening, parts repair, motherboard repairs, keyboard reprinting, and cosmetic work. 

Certifications: 

• ISO Certifications: 

• ISO 9001:2015 for quality management 

• ISO 27001:2013 for information security 

• ISO 14001:2015 for environmental management 

• ISO 45001:2018 for occupational health and safety 

• Environmental Responsibility: Certified under Extended Producer Responsibility by the Central Pollution Control Board. 

Leadership and Management 

Founded by Sharad Khandelwal, who has 29 years of experience in the ICT industry, GNG Electronics benefits from his leadership and strategic vision. Khandelwal’s management skills and deep understanding of the industry have been pivotal in driving the company’s growth. The team is supported by experienced senior managers in finance, business development, supply chain management, and engineering, ensuring efficient operations and continued expansion. 

Electronics Bazaar Overview 

• Refurbishing Excellence: Specializing in the refurbishment of laptops, desktops, and premium smartphones, Electronics Bazaar offers high-quality products at affordable prices. 

• Global Expansion: The company has expanded its operations to Dubai and the USA, strengthening its presence in key markets like India, USA, and Europe. 

• Market Position: The refurbished laptop market is shifting towards organized players but remains fragmented. Electronics Bazaar stands out with its comprehensive refurbishing capabilities and global reach. 

• State-of-the-Art Facilities: Operating from a 58,127.82 Sq. Ft. facility across India, UAE, and the USA, the company serves ~70% of the global GDP, catering to diverse regions. 

• Certifications and Standards: Electronics Bazaar holds certifications like Microsoft Authorised Refurbisher and R2V3, reinforcing its commitment to quality and responsible recycling. 

• Sustainability Focus: The company is actively promoting device reuse and follows strict environmental and data privacy standards, with certifications such as ISO 27001 and EPR certification. 

• Quality Assurance: Offering a 1 to 3-year warranty, the company provides customers with confidence in the reliability of its refurbished products. 

• Multi-Channel Procurement and Sales: Through strategic partnerships, Electronics Bazaar ensures a robust supply chain and distribution network, including online and retail platforms. 

Industry Outlook 

Global Consumer Electronics Market Overview 

The global consumer electronics market grew from US$ 1,121B in CY18 to US$ 1,190B in CY23, with a 1.2% CAGR. It’s expected to reach US$ 1,602B by CY28, driven by AI, IoT, and smart devices. Key segments include smartphones (43.3%), PCs (14.9%), and televisions (9.9%). 

Indian PC Market 

The Indian PC market is shifting towards e-commerce, with offline retail sales declining from 85% in FY19 to 73% in FY24. Personal PC demand is increasing, expected to surpass business demand by FY29. 

Global Used & Refurbished Electronics Market Growth 

The global used and refurbished electronics market grew from US$ 169.9B in CY18 to US$ 207.4B in CY23 and is expected to reach US$ 334.8B by CY28. The refurbished segment, including PCs and smartphones, grew from US$ 67.8B to US$ 108.8B and is projected to reach US$ 232.7B by CY28. Refurbished PCs are expected to hit US$ 57.4B, while premium smartphones will reach US$ 193.7B. 

Used & Refurbished Electronics Market in India 

The Indian used and refurbished electronics market grew from US$ 11.3B in FY19 to US$ 16.7B in FY24, with projections of US$ 35B by FY29, driven by a 16% CAGR. Growth is fueled by demand for affordable, high-quality products, environmental awareness, and government support. Key segments include the used PC market, expected to reach US$ 3.3B by FY29, and the premium smartphone market, projected to hit US$ 9.8B by FY29, with refurbished smartphones making up 63%. The market will continue to grow as consumers seek cost-effective, reliable solutions. 

Key Growth Drivers 

The Indian refurbished electronics market is poised for significant growth, driven by multiple factors: 

• Empowerment through digital services: With over 50 million users on the UMANG app and 380 million registered patients on e-Hospital, digital services are transforming accessibility. 

• Rising demand for affordable tech: India’s consumer tech market is projected to reach ~$400B by FY29, driven by increasing demand for budget-friendly tech, with refurbished devices 40-50% cheaper than new ones. 

• Technological advancements: Innovations in refurbishment processes ensure quality and efficient resource extraction, promoting sustainability. 

• Consumer preferences: ~60% of consumers prioritize eco-friendly products, aligning with the growth of the refurbishment market. 

OEM Promotion of Refurbished Products: 

OEMs like HP, Dell, and Lenovo offer certified refurbished products, while Apple and Samsung have buyback programs. Retailers like HP and Asus focus on refurbished devices, boosting trust and quality. Government initiatives support recycling and repairs. Organised players offer warranties and CSR efforts in digital literacy. 

How Will GNG Electronics Limited Benefit? 

• Market Leadership and Growth Potential

GNG Electronics, India’s largest ICT refurbisher, is perfectly positioned to capitalise on the growing Indian refurbished electronics market, projected to grow at 16% CAGR, reaching US$ 35 billion by FY29. 

• Affordable, High-Quality Offerings

With products priced 40–50% lower than new devices, GNG Electronics aligns with India’s rising demand for cost-effective technology, capturing a significant share of the premium refurbished device market, including laptops and smartphones. 

• Sustainability and Eco-Friendly Appeal

The company’s repair-over-replacement approach supports environmentally conscious consumers, contributing to reduced carbon footprints, and aligns with global trends prioritising sustainability in refurbished electronics. 

• Strategic Alliances with Leading Brands

Partnerships with global brands like Lenovo and HP strengthen GNG Electronics’ refurbishment capabilities and enhance trust, providing a competitive edge in the organised refurbished electronics market. 

• Expanding Global Presence

Operating in 35 countries with 3,265 touchpoints, the company benefits from access to growing international markets, supported by robust procurement and sales networks and partnerships with prominent IT solutions providers. 

• Advanced Refurbishment Facilities

Five state-of-the-art refurbishing facilities in India, the USA, and the UAE enable high-quality output, ensuring superior products that appeal to discerning customers in global markets. 

• Strong Customer and Revenue Base

With 75.5% of revenue driven by laptops and 24.4% by other devices, GNG Electronics’ diversified product portfolio supports robust revenue growth, catering to IT solutions providers, e-tailers, and global refurbishment companies. 

• Government and OEM Support

Favourable government policies and OEM initiatives, such as buyback programmes, enhance trust in refurbished products, while digital literacy initiatives expand the market for affordable devices. 

GNG Electronics Limited IPO Overview 

GNG Electronics, India’s largest refurbisher of laptops and desktops and a prominent player in ICT device refurbishment is set to enter the primary market with plans to raise ₹825 crore. The company has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). 

As per the DRHP, the IPO comprises a fresh issue of equity shares with a face value of ₹2 each, aggregating to ₹825 crore, along with an offer for sale of up to 97 lakh equity shares with a face value of ₹2 each. The offer for sale includes up to 35,000 shares each from Sharad Khandelwal and Vidhi Sharad Khandelwal and up to 96,30,000 shares by Amiable Electronics Private Limited. 

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial are the book-running lead managers for the issue, while Bigshare Services Private Limited serves as the registrar. 

Why is GNG Electronics Limited Going Public? 

GNG Electronics Limited is going public for the following reasons. 

• Debt Reduction: GNG Electronics to reduce existing borrowings, strengthening its financial position. 

• Operational Growth:  The funds will be used to support working capital needs, helping the company scale operations and meet growing demand in the refurbished electronics market. 

• Strategic Flexibility: The funds will also provide financial flexibility for strategic initiatives, ensuring continued growth and competitiveness in the industry. 

GNG Electronics Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue: ₹825 crores
	Offer for Sale: 97 lakh equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	TBA
Shareholding post -issue	TBA

 Important Dates 

IPO Activity	Date
IPO Open Date	TBA
IPO Close Date	TBA
Basis of Allotment Date	TBA
Refunds Initiation	TBA
Credit of Shares to Demat	TBA
IPO Listing Date	TBA

IPO Lots 

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Lead Managers 

Lead Managers

IIFL Capital Services Limited

JM Financials Limited

Motilal Oswal Investment Advisors Limited

GNG Electronics Limited IPO Valuation Overview 

KPI	Value
Earnings Per Share (EPS)	5.37
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	31.96%
Net Asset Value (NAV)	16.80
Return on Equity	38.08%
Return on Capital Employed (ROCE)	16.72%
EBITDA Margin	7.46%
PAT Margin	4.60%
Debt to Equity Ratio	1.95

 Peer Group Comparison 

Name of Company	Total Income for Fiscal 2024 (in ₹ million)	Face Value (₹ per Share)	EPS (₹) (Basic)	EPS (₹) (Diluted)	NAV (₹ per Share)	P/E Ratio	RoNW (%)
Our Company	11,437.97	2	5.37	5.37	16.80	NA	31.96
Newjaisa Technologies Limited	618.04	5	2.29	2.29	17.16	38.01	11.44

 Key Insights 

• Total Income Comparison: In Fiscal 2024, GNG Electronics Limited reported a total income of ₹11,437.97 million, significantly higher than Newjaisa Technologies Limited, which posted ₹618.04 million. This highlights GNG Electronics’ larger scale of operations and broader market reach compared to its peers. 

• Face Value: The face value of GNG Electronics Limited shares is ₹2, which is lower than Newjaisa Technologies Limited, where the face value is ₹5. A higher face value generally reflects the nominal value of shares, though it does not directly influence profitability. 

• Earnings Per Share (EPS): GNG Electronics Limited demonstrated stronger earnings with an EPS of ₹5.37 (both basic and diluted), compared to Newjaisa Technologies Limited’s EPS of ₹2.29. This indicates that GNG Electronics has a higher earning capacity per share, showcasing superior financial performance. 

• Net Asset Value (NAV): GNG Electronics Limited’s NAV stands at ₹16.80 per share, while Newjaisa Technologies Limited holds an NAV of ₹17.16. A slightly higher NAV for Newjaisa Technologies suggests a marginally higher asset value per share. 

• Price-to-Earnings (P/E) Ratio: The P/E ratio of GNG Electronics Limited is not available, possibly due to specific accounting treatments. In contrast, Newjaisa Technologies Limited has a P/E ratio of 38.01, reflecting that the market values the company more highly in relation to its earnings. 

• Return on Net Worth (RoNW): GNG Electronics Limited boasts a strong RoNW of 31.96%, outperforming Newjaisa Technologies Limited, which has a RoNW of 11.44%. This indicates that GNG Electronics generates higher returns on its net worth, demonstrating better efficiency in utilizing its equity capital. 

GNG Electronics Limited IPO Strengths 

• Industry Leadership in Refurbished ICT Devices

GNG Electronics Limited is recognised as India’s largest refurbisher of laptops and desktops and among the leading refurbishers of ICT devices globally, with operations spanning India, the USA, Europe, Africa, and the UAE as of March 31, 2024 (Source: 1Lattice Report). The company leverages the rising demand for refurbished laptops in key markets, offering reliable devices at one-third the cost of new products. Supported by warranties and superior refurbishment capabilities, they ensure a compelling value proposition for customers. Their global presence, coupled with strong online visibility, solidifies their leadership in a fragmented and growing market. 

• Robust Global Operations and Eco-Friendly Practices

GNG Electronics Limited has operations in 35 countries, supported by strategically located facilities in India, the USA, and the UAE as of September 30, 2024. These facilities enhance regional demand fulfilment, reduce logistics costs, and optimise efficiency. Promoting digital inclusivity and eco-friendly practices, the company extends the lifecycle of ICT devices, reducing e-waste and aligning with corporate sustainability goals. They offer a comprehensive portfolio of 4,996 SKUs, supported by a strong service network, global certifications, and strategic partnerships with leading global brands, ensuring consistent quality, reliability, and innovation. 

• Advanced Refurbishing Capabilities and Infrastructure

The organisation boasts a robust global presence, operating five refurbishing facilities in Navi Mumbai, India; Sharjah, UAE; and Texas, USA, covering 58,127.82 sq. ft. The Sharjah facility is located in the Free Zone, offering employee accommodations and operational advantages. Equipped with cutting-edge technology and skilled personnel, these facilities manage high-volume refurbishments, including laptops, desktops, and premium smartphones, ensuring quality and flexibility. Strategic locations enable efficient logistics, cost advantages, and timely delivery, meeting diverse customer demands globally. 

• Commitment to Quality and Data Security

The organisation’s refurbishing process adheres to globally recognised standards like ISO 27001, ensuring data security through advanced sanitisation methods compliant with R2 V3, NIST 800, and US DoD 5200 guidelines. Each refurbished device undergoes a rigorous 21-step process for optimal functionality and aesthetics. The company’s emphasis on training over 600 employees through 10,980 cumulative hours underscores its dedication to maintaining high-quality standards. Certification from SERI and audits by HP and Lenovo further validate its industry-leading refurbishing practices. 

• Sustainability and ESG Focus

Driven by sustainability, the organisation addresses e-waste challenges by refurbishing ICT devices, extending product life cycles, and reducing landfill impact. Its environmentally conscious practices align with ESG goals, offering refurbished electronics at economical prices while minimising resource consumption and emissions. Certified by the Central Pollution Control Board for EPR compliance, the company promotes recycling, consolidating the fragmented refurbished market. This approach enhances environmental preservation and economic opportunities while aligning with global sustainability trends and evolving regulatory frameworks. 

Objectives of the IPO Proceeds 

The Net Proceeds are intended to be utilised as per the details provided in the table below: 

Sr. No.	Particulars	Amount (in ₹ million)
1.	Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and our Material Subsidiary	3200
2.	Funding our long-term working capital requirements	2600
3.	General corporate purposes*	[●]

Note: *To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC.  

GNG Electronics Limited Financials                   (in million) 

Particulars	30 Sept 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	7412.42	5858.24	2855.02	1947.09
Revenue	6129.72	11437.97	6627.86	5219.19
Profit After Tax	352.12	523.05	324.28	217.70
Reserves and Surplus	1975.67	1631.02	1115.56	793.19
Total Borrowings	4989.69	3223.33	1520.22	1002.67
Total Liabilities	5430.88	4222.44	1736.75	1152.20

 Key Insights from Financial Performance 

• Growth in Assets: Assets have consistently grown, increasing from ₹1,947.09 million in March 2022 to ₹7,412.42 million in September 2024—a remarkable 280.6% growth in 2.5 years. This reflects substantial capital investments, business expansion, or operational improvements, demonstrating the company’s strong growth trajectory and strategic focus. 

• Revenue: Revenue trends indicate fluctuating yet significant growth. It increased by 72.6% from ₹5,219.19 million in March 2022 to ₹11,437.97 million in March 2024. Revenue for September 2024, at ₹6,129.72 million, suggests strong year-to-date performance, showcasing improved demand and operational effectiveness in recent years. 

• Profitability: Profit After Tax (PAT) steadily rose from ₹217.70 million in March 2022 to ₹352.12 million in September 2024, marking a 61.7% growth. Stable PAT margins indicate effective cost management and operational efficiency, even during fluctuating revenue cycles, contributing to consistent profitability improvements. 

• Reserves and Surplus: Reserves and Surplus saw a substantial increase from ₹793.19 million in March 2022 to ₹1,975.67 million in September 2024, a 149% rise. This reflects reinvested earnings, financial prudence, and a stronger financial position, underlining the company’s focus on sustainable growth and profitability retention. 

• Borrowings: Total Borrowings surged by 397.7%, from ₹1,002.67 million in March 2022 to ₹4,989.69 million in September 2024. This indicates the company’s reliance on debt for funding asset growth or operational expansion, showcasing aggressive strategies while potentially increasing financial leverage risks. 

• Total Liabilities: Total liabilities rose significantly from ₹1,152.20 million in March 2022 to ₹5,430.88 million in September 2024, a 371.4% increase. This growth, closely tied to higher borrowings, suggests a leveraged model supporting business expansion. Monitoring debt sustainability is critical to maintaining financial health. 

Other Financial Details 

• Direct Cost: Direct costs form the majority of the expenses across all periods. For the six months ending September 2024, they are ₹5,722.48 million, nearly matching the total expenses of fiscal 2022. This indicates consistent growth in operational scale, as evidenced by a significant increase from ₹4,778.67 million in fiscal 2022 to ₹11,772.53 million in fiscal 2024. 

• Employee Benefits Expense: Employee costs have steadily risen, highlighting workforce expansion or increased remuneration. These costs were ₹251.07 million for the six months ending September 2024, up from ₹196.16 million in fiscal 2023 and more than double the ₹95.39 million reported in fiscal 2022. 

• Finance Costs: Rising finance costs, from ₹82.21 million in fiscal 2022 to ₹194.32 million in September 2024, suggest increased borrowings or higher interest rates. The company’s reliance on debt financing is evident, and prudent debt management will be crucial moving forward. 

• Depreciation and Amortisation Expenses: These costs, representing the allocation of capital investment over time, have seen steady growth from ₹22.05 million in fiscal 2022 to ₹46.05 million for the six months of fiscal 2024. This trend likely reflects ongoing investment in fixed assets or intangible resources. 

• Other Expenses: Other expenses have shown variability, peaking at ₹347.32 million in fiscal 2023 but reducing to ₹253.13 million in fiscal 2024 and further down to ₹191.56 million for September 2024. This suggests effective cost optimisation or reduced discretionary spending. 

Key Strategies for GNG Electronics Limited 

• Expanding Market Presence in India and Globally

GNG Electronics Limited aims to expand its footprint across India and international markets to leverage the rising demand for refurbished electronics. With a strong industry CAGR, the company plans to deepen its geographical presence, targeting developed and emerging markets. Supported by facilities in India, the USA, and UAE, GNG Electronics Limited is poised to access approximately 70% of global GDP, further increasing its customer base and strengthening its competitive positioning in the ICT Devices refurbishment market. 

• Enhancing Procurement and Brand Relationships

GNG Electronics Limited focuses on strengthening procurement networks and fostering long-term relationships with brands like HP and Lenovo. By expanding buyback programmes and achieving relevant certifications, the company enhances trust and market positioning. GNG Electronics Limited’s global procurement strategy aligns with its growth objectives, enabling partnerships that promote sustainability and quality assurance, further solidifying its leadership in the refurbished electronics industry. 

• Prioritising ESG Standards and OEM Partnerships

GNG Electronics Limited integrates high environmental, social, and governance (ESG) standards into its operations, aligning with global sustainability efforts. By partnering with OEMs, the company fosters a circular economy, reducing e-waste and promoting digital inclusivity. GNG Electronics Limited also aims to meet global regulatory standards while unlocking growth in ESG-driven markets, establishing itself as a trusted and eco-conscious player in the refurbished electronics industry. 

Competitor Analysis of GNG Electronics Limited 

 1. Newjaisa

Newjaisa focuses on offering affordable refurbished smartphones, laptops, and other electronics to cost-conscious consumers. Their value proposition is centered around quality assurance and eco-friendly solutions. While Newjaisa competes in a similar market, it lacks the global scale and diversified product offerings of GNG. However, it has a strong foothold in India, catering to the growing demand for budget-friendly, refurbished tech. 

 2. Acer Reuse and Recycle

Acer Reuse and Recycle is a well-established brand in India, offering refurbished ICT products with a focus on affordability and sustainability. Unlike GNG, Acer leverages its global brand presence and distribution network to appeal to businesses and consumers. While GNG offers flexibility with customized products, Acer’s competitive advantage lies in its recognition, strong partnerships, and existing customer trust. 

 3. IRecompute

IRecompute offers refurbished computer hardware tailored to consumers, small businesses, and corporates. Competing in the same growing refurbished market, IRecompute provides a similar product range to GNG. However, IRecompute’s market penetration is primarily focused on local clients, whereas GNG has a more extensive geographical reach, including international facilities. IRecompute focuses on affordable solutions for businesses, while GNG offers broader services like extended warranties and flexible financing options.