The promoters of Minte have a significant presence in import and distribution of mobile electronics and it dates back from when the mobility started in India. Some of the biggest brands in the world were distributed back in the day across India . Back then e-commerce was just getting established and was quite nascent. At one point we started getting requests from e-commerce platforms for liquidation of their open-box and returned devices. We started working with Flipkart and Amazon on reverse logistics and liquidation. It was predominantly open-box or minimally used phones that were part of reverse logistics initially. Hence we coined “MintE”, meaning “MINT condition Electronics”. This was in a way the start of the new entity, “Ikon Technologies India Pvt Ltd”.
At MintE, we used to source used electronics, check them for quality, refurbish to look like new wherever required and sell to consumers. We were one of the first in Industry to launch diagnostic app educating customers to check the quality of their phone and if required upgrade to open-box phones. We coined the terminology “99% New 100% Value”. Over the years, due to customer maturity and also due to stringent checks established in the system by e-commerce players, the open-box source reduced and then emerged the concept of used phones that are exchanged by customers while buying a new phone. Minte, now started focusing on used devices. We are currently one of the largest reverse logistics partners for e-commerce platforms in India. We operate an exchange platform based on inhouse pricing algorithms which is used by the major retailers in the country for their exchange programs. Our promotors continue to run one of the largest import & distribution companies in the country which allows us to understand the intricacies in the mobile electronic market and apply the knowledge to the reverse logistics space.
We came a long way understanding the consumer upgrade cycles, technological advancements, purchase price patterns, ability of brands to survive in the long run and a host of other things related to this business. We had a number of milestones - some of them mentioned below: