With a vision and mission, GNG Electronics expands its operation
This is a saga of an all-India rank-holding chartered accountant, who has made a start-up venture and made it India’s largest refurbisher of laptops and desktops, with strong global presence. Sharad Khandelwal, MD & CEO, GNG Electronics (Electronics Bazaar brand) has demonstrated that an entrepreneur with a vision and mission can create a ‘Make in India’ for the world company and establish it as a leader in less than a decade.
Khandelwal holds a bachelor’s degree in commerce from Jiwaji University, Gwalior. He is a member of the Institute of Chartered Accountants of India and held all India rank (six) in the final examination conducted by ICAI in 1994. With 29 years of experience in the information & communication technology industry, he has been associated with KKOC as a founder and partner since 1 April 1995.
Khandelwal saw the writing on the wall a decade back. And recent data proves his foresight. The global refurbished personal computers market has grown from $9.7 billion in 2018 to $17.1 billion in 2024, reflecting a 9.9 per cent CAGR; and it is expected to grow at 18.9 per cent over 2024 to 2029, reaching $40.6 billion (Source: 1Lattice Report). By 2029, the global used and refurbished PC market is projected to reach $61 billion, at a CAGR of 10.4 per cent.
Similarly, the Indian refurbished PC market grew from $0.2 billion in 2018-19 to $1 billion in 2024-25, showing a 28 per cent CAGR; and it is expected to reach $4 billion by 2029-30, at a CAGR of 30 per cent. The global PC market presents a dynamic landscape with significant variations in sales volumes across major regions and countries. The US, India and China stand out as key players, each with distinct market characteristics shaped by their economic development, population size, technological infrastructure and cultural factors. In 2024, about 69 million PCs were sold in the US, while 40 million units were sold in China during the same period. In India, PC sales reached 14 million units in 2024.
Illustrious journey
In 2016, Khandelwal started operations at GNGE facility in Mumbai, spread across 1,200 sq ft. In 2017, he established company operations at the UAE (Sharjah) facility, spread across 4,305.56 sq ft. In 2018, the company extended its operations to a 21,969 sq ft facility in Nerul, Navi Mumbai. In 2022, it expanded its Sharjah facility further to an additional 4,305.56 sq ft. Also, in 2022, the company crossed Rs500 crore in turnover.
In 2023, GNGE expanded its operations in Juhinagar, Navi Mumbai, to a warehouse spread across 25,600 sq ft. In 2023, it added two additional facilities of 6,458.35 sq ft each, bringing its combined total facilities in Saif Zone, covering 21,527.82 sq ft. In 2024, the company established operations at Dallas, Texas, facility spread across 11,000 sq ft.
GNGE is India’s largest refurbisher of laptops and desktops; and it is among the largest refurbishers of ICT devices overall, both globally and in India, with presence across India, the US, Europe, Africa and the UAE, in terms of value, as of 31 March 2025 (Source: 1Lattice Report).
The company is India’s largest Microsoft-authorised refurbisher. The company also serves as an IT asset disposal partner for India’s second largest software company, in terms of market capitalisation, as of 2024-25.
It is a certified refurbishment partner to Lenovo and HP, which are the top two global brands, in terms of market share of 26 per cent and 22 per cent, respectively. GNGE also provides tailored buyback solutions to help large format retail stores such as Vijay Sales (India) and OEM brand stores such as HP India Sales and Lenovo Global Technology (India).
The company has a multi-channel global procurement network of 557 suppliers, supported by an extensive procurement network in India and across the globe. As of 31 March 2025, the portfolio included 5,840 SKUs. It has a sales network with the refurbished ICT devices being sold in 38 countries, comprising 4,154 touchpoints, in India and globally, as of 31 March 2025. The company has five refurbishing facilities located across India, the US and the UAE.
GNGE launched its Rs460 crore IPO in July 2025, aiming for listing at a market cap at over Rs2,700 crore. The company proposes to utilise the proceeds towards the prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed of by the company and the material subsidiary, such as Electronics Bazaar FZC, as well as general corporate purposes.