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OLX reports 40% growth as pre-owned phone market thrives in India

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New Delhi, Sep 1 (IANS) With more and more Indians aiming to own high-end smartphones, the pre-owned smartphone market is booming and on the online trading platform OLX, the average selling price (ASP) of a pre-owned smartphone has jumped from Rs 9,000 to Rs 11,000 in just one year, the company said on Saturday.

More and more high-end phones are now being traded on the platform than ever before while the holding period of mobile phones has declined from three to less than two years, especially in the tier II and III cities, said OLX.

OLX recorded almost 14 million mobile phones and accessories listings in the financial year 2017-18.

The phone listings on the platform jumped from 2.5 million units in April-June 2017 to 3.5 million in the same period this year — registering a 40 per cent (year-on-year) growth.

“Mobiles is the most transacted category on OLX. We have disrupted the way people buy and sell pre-owned phones in world’s second largest smartphone market,” Akanksha Dhamija, Head of Electronics & Mobiles category, OLX India, told IANS.

With a high penetration and frequent updates, consumers are upgrading to new models within months.

“This results in good-quality and fairly new pre-owned phones available for a huge audience. OEMs and businesses also find it useful to tap potential buyers and sellers looking to upgrade on our platform,” Dhamija added.

According to industry estimates, sales of pre-owned smartphones in India are expected to grow at a 32 per cent CAGR to reach nearly 46 million units in 2020.

A large part of the pre-owned mobile market is still offline — driven by dealers, retailers and shop owners — but online marketplaces are increasingly becoming popular platform for buying and selling mobiles.

“Almost 70 per cent of all the listings in the financial year 2017-18 were sold on OLX — implying the high liquidity of the platform,” claimed the company.

Samsung, Apple and Xiaomi remain the top three brands listed on OLX.

Xiaomi is the only brand to have grown its share of listings from 12.8 per cent to 17.6 per cent in last one year.

Samsung holds 20 per cent share and Apple covers 13.2 per cent listings on the platform, said the company.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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