Sibling Duo From Delhi That Started A Refurbishment Startup For Home Appliances Raise Funding, Now Clocking Rs 4 Cr Annual Revenue

In 2022, entrepreneurs Ashlin Bansal and Sachit Bansal set out to fix something missing in Indian homes: true functionality.

Their mission was straightforward – to make world-class fridges, washing machines, and air conditioners accessible to everyone.

Together, they founded Costify as a New Delhi-based startup that offers refurbished, quality-checked, and warranty-driven home appliances at affordable prices.

Currently, the startup is generating an annual revenue of over Rs 4 crore, maintaining a 4.5-star Google rating, and expanding its technician training network across the Delhi NCR region.

To read about Costify’s startup journey in detail, refer to the first feature here.

THE BACKGROUND

For years, Ashlin and Sachit’s father, Rajesh Bansal, had been running a natural-stone export business. But when the 2008 global financial crisis struck, everything came crashing down.

But not Rajesh’s spirit.

He started from scratch again – this time in real estate. But when demonetization and RERA froze cash flows across the country, that business too began to crumble. And before he could recover, the COVID-19 pandemic arrived, shutting down the highway restaurant chain he had launched next.

So he pivoted to supplying fruits and vegetables to quick commerce platforms such as Blinkit, Zepto, and Swiggy.

“During this phase, our father was offered a lot of deep freezers and visi-coolers from Blinkit’s dark store project. They were replacing their dark stores with cold stores. With 600 commercial fridges in hand, he decided to sell them,”Ashlin Bansal had shared earlier.

“We watched our parents face disaster with quiet grit. It was always resilience that shaped us. When we were studying abroad, Ashlin and I took on jobs such as cleaning stores, waiting tables, and billing items in grocery stores. This wasn’t so much out of need as it was about the desire to be rooted,”Sachit Bansal tells Startup Pedia in an exclusive interview.

There is always a second chance, their father taught them.

And interestingly, it became the backbone of what Sachit Bansal and Ashlin Bansal started – Costify India, a company that believes in renewal, repair, and second chances. For appliances. For people. For everything.

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WHAT COSTIFY IS SOLVING TODAY

For decades, the refurbished segment in India’s white-goods market (worth $25 billion) has remained largely unorganized.

“And that’s exactly why there are numerous problems like that of mistrust, inconsistent quality, and e-waste plaguing it. Costify solves just that,” entrepreneur Ashlin Bansal tells Startup Pedia.

• Refurbished? Not risky anymore.

Across India, refurbished appliances are mostly sold informally. Inside dingy-looking shops and warehouses, or on recommendations of friends who are known for their ability to put together “jugaad.”

With Costify, this picture is flipped. Every product offered by the refurbishment startup goes through multi-stage testing, genuine part replacement, and QC documentation. Only then does it ship with a full warranty.

• The gap between “expensive” and “unreliable.”

Indians have long suffered from an interesting problem: new home appliances feel heavy on their pocket, and second-hand, refurbished ones simply cannot be trusted. The result? Non-functional homes, no sign of luxury.

Costify bridges that gap. The product prices are 50–70% lower than new appliances, with the same reliability and after-sales support.

• Mounting e-waste

India generates 1.7 million tonnes of e-waste every year. A lot of it is from home appliances that could’ve been repaired, refurbished, and utilized safely.

“Costify gives them 5 to 7 more years of life, keeping thousands of units in use, not in landfills,” entrepreneur Sachit Bansal says.

THE HOW OF COSTIFY INDIA: PROCESS BEHIND THE PEOPLE

Replacing the country’s chaotic repair ecosystem filled with jugaad, quick fixes, and traditional methods, Ashlin and Sachit have built a well-defined process.

They created an AI-assisted refurbishment and training system that turns fresh ITI graduates into skilled, process-driven technicians within 8 to 12 weeks.

This program covers everything in the repair cycle: from diagnostics and SOP-based repairs to documentation, customer communication, and warranty uniformity and discipline.

“This uniformity helps us ensure that every appliance that comes out of Costify is restored the same way, no matter what. Nothing is left to chance. Everything is left to process,” startup founder Ashlin remarks.

“Many of our ITI graduates come from humble backgrounds. Instead of making them fear AI as something that snatches jobs, we help them develop a healthy relationship of use, speed, and precision with it. And of course, watching them grow their income and sense of self continues to be one of the most rewarding parts of our refurbishment startup journey,” Sachit notes.

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GROWTH AND FUNDING

To date, Costify India has catered to more than 8,000 customers across the Delhi-NCR region and offered them high-quality, refurbished appliances like microwaves, air purifiers, heaters, refrigerators, air conditioners, and washing machines.

“We are seeing franchise interest from multiple states in India. Local refurbishment warehouses and entrepreneurs want to collaborate with us, not compete. This is a win, actually. That Costify’s trust-led approach is truly resonating,” Sachit Bansal tells Startup Pedia.

Additionally, the refurbishment startup is now in senior-level discussions with Havells/Lloyd around circular economy initiatives involving returns, seconds, and warranty stock.

“In the category we are operating in, OEM partnerships are rare. We are excited to see where it takes us,”Ashlin shares.

Then, a leading player from the country’s used-car industry (where trust and standardization built giants like Spinny and Cars24) has approached Costify to explore parallels and possible collaboration.

As far as funding is concerned, numerous venture capitalists have reached out to the Delhi-based refurbishment startup. But the founders decided to go ahead with an undisclosed angel round from operators and believers.

“Our angel investors are individuals who truly believe in the long-term game we’re trying to ace: build trust in a broken market and make every Indian home functional,”entrepreneur Sachit Bansal says.

To strengthen their foundation, they brought on a group of heavyweight advisors:

• Pankaj Saraogi – BITS Pilani alumnus, specialist in NCLT and stressed-asset turnarounds
• Rajesh Krishnan – IIT Delhi B.Tech and Wharton MBA; serial entrepreneur, investor and startup mentor
• Sorabh Goyal – Notebooks Head at Lenovo, bringing industry insight.

“Our parents always taught us the importance of looking up to people who know better than you. Our board of advisors are exactly that: a group of learned individuals that is setting us up for winning this,” Ashlin smiles.

Currently, the New Delhi-based refurbishment startup is generating an annual revenue of over Rs 4 crore on the back of a rapidly growing B2B client base and strong repeat demand.

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THE ROAD AHEAD: BUILD A PLATFORM, NOT JUST A BRAND

With the mission to build a circular-economy platform for refurbished home appliances in India, startup founders Ashlin and Sachit Bansal are clear on one thing: Costify India is set to become synonymous with trust and reliability.

In the next two years, the refurbishment startup is moving towards 1-year warranties to match manufacturer standards.

The team is also planning to solidify partnerships with OEMs, trade-in programs, and institutional disposals for a steady inflow of quality stock, build predictive failure data and real-time quality check tracking to make every repair smarter and smoother, and expand from NCR hubs to Tier-2 spokes and then eventually a pan-India rollout.

“People already trust certified used cars and refurbished phones. Appliances are next, and we’re making it happen. This isn’t just about building a retail brand and calling it a day. We want Costify’s impact to truly trickle down and help Indian households in a way that hasn’t happened yet. And towards that, we are working every day,”Sachit Bansal signs off.

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