From starting with ₹50,000 in 2008 to building a large-scale refurbishment and recycling ecosystem, Mohammad Yusuf Uddin shares the inspiring journey of EPW India Limited. In Small Cap Spotlight, he outlines EPW’s growth plans, IPO vision, and its expanding role in India’s circular economy.
Richa Jain: Hello and welcome to Small Cap Spotlight. I am Richa Jain. In focus today is EPW India Limited.
Joining us today is Mr. Yousuf Uddin, Managing Director of EPW India Limited, who we will hear more from on the company’s journey and growth plans. Thank you for joining us today, Mr. Yousuf. To begin with, right from inception to where you are today.
Yousuf Uddin: So, hello everyone. My name is Mohammad Yousuf Uddin, Founder and Director of EPW India Limited. My entrepreneur journey began in 2008 when I was just 23 years old.
I started my journey with the selling of small components like computers and peripherals. It was brand new at that time. So, after six to eight months, we have started with a brand refurbished products like laptops, desktops, and all-in-one PCs.
So, it just started from my advisor with one of my friends giving me to start for refurbishment units. So, now today we are working for the large scale in refurbishment unit. So, we are in Telangana authorized refurbisher and authorized recycler also.
So, now today we have been selling IT products from last 17 years. We have experience in this industry. So, in the last year, in 2024, we took over one company like Renovate Recycling India Private Limited.
That is a main source for the procuring e-waste IT goods from the companies.
Richa Jain: That’s lovely to hear, sir. You told us a little bit about your personal journey.
Tell us a little bit more about what motivated you to enter this space? What experiences helped you reach your current seniority leadership role at EPW?
Yousuf Uddin: I want to tell you that at the time of college period, I had joined one company as a junior accountant as I have a background with accounts as in the college period. Like a junior accountant, as I worked from 2003 to 2008, then I have started my journey with a small amount of Rs 50,000 only. So, it was a very small amount at the time of 2008.
But I have taken some hand-on amount with my brother-in-law also. Then I have started my journey to start our company.
Richa Jain: Sir, this is a very inspiring journey. Thank you for sharing with us. As we know, every growing company faces a lot of challenges and hurdles. So, in the journey of EPW, what were the most significant challenges? Operational, financial, market-related and how did you navigate them?
Yousuf Uddin: Challenges come in every company. This is natural. When a company grows, financially and sourcing-wise, they have to handle everything. But EPW India and I have handled it through a learning process.
In 2008-2011, it was a very difficult time for EPW India. When my brother and my father also joined in 2012 with my journey, it was a great time for us. So, we have grown it slowly with the family members and we have exchanged it.
Richa Jain: Lovely, sir. So, EPW operates refurbished electronics and reverse supply chain ecosystem sectors, which are gaining a lot of relevance globally. So, how do you view this industry in India today? What do you think, over the next few years, what structural shifts can come in sectors in India?
Yousuf Uddin: That is true. In India, in 2024, it was around the market Rs. 56,008 crore, but there was a valuation in refurbished market. So, every year, it’s going about 7-8% increasing in India also, all the refurbished IT assets market.
Richa Jain: So, EPW is also planning to go together as the market is growing in India. And globalisation also is a very high demand for refurbished IT assets. And as you are planning to grow, what differentiates EPW’s refurbishment resale model from others in the market.
How do you ensure quality control, consistency, trust, which are very critical in this sector?
Yousuf Uddin: Yes, sure. For this, our technical team is very sound. And we have good sourcing from our suppliers also.
And we have a refurbishment complete unit with a facility of machineries. And we have good skilled technicians also we have. So, now after IPO, we are planning to expand this facility also.
So, now we are having 500 metric ton capacity in EPW India only. So, our subsidiary company is about to get the license for 4000 metric ton for refurbishment only. And for recycling, 15,000 metric ton will be get the license in soon.
Richa Jain: Okay, sir. Those are big numbers. We will talk about this IPO journey in a while. Before that, you can share some insights with us about the mix of B2B and B2C customer segments. Which segment do you think is driving more growth? And what do you think, over the next few years, how will this mix of B2B and B2C evolve?
Yousuf Uddin: This is also correct. We are engaged with the B2B sector from the last 2008. So, we have around 55 to 60% customer base we have made in B2B sector only. So, nowadays we are planning to extend our journey with the B2C also, as we have already in 45%. So, in another year, we will change up to 70 to 80% for B2C sector only.
Richa Jain: Your business heavily depends on sourcing used electronic devices. So, what are your key inputs and raw materials? How do you manage pricing fluctuations, availability, supply chain dynamics? How does all this impact your margins? And how are you strengthening sourcing reliability at scale?
Yousuf Uddin: We are most engaged with the IT sector companies. So, we are procuring from the all IT assets, e-waste management from the all government sector, MSMEs and this idea sector also.
We have good sourcing and we have good vendors to supply chain properly in our line. And the next thing is how we are managing our accessories products. So, we have our own source.
We are importing from all accessories like RAM, SSDs and other components from China and USA also.
Richa Jain: So, what is the price fluctuation if we can see? If anybody wants to buy any product like accessories from the local market, if we are importing from other countries, that is the main benefit for EPW to get margin good. Are there any CAPEX plans lined up in refurbishment capacity, automation, technology or even in new facilities? And are there any specific product categories or geographies where you are thinking of expanding?
Yousuf Uddin: Yes, we have a plan for that as we have been engaged with the laptop, desktop and accessories.
So, now in future, we are adding our other products also like fridge, washing machine and air coolers also. We are going to start refurbishing in our subsidiary company. And now we come to what you had touched earlier, EPW is now entering the public markets.
Richa Jain: So, what are the key reasons behind deciding to go for an IPO at this stage of the company’s journey?
Yousuf Uddin: This is the main reason, IPO enhance our visibility and credibility with our customer, with our vendors, with our banks. So, that is the main reason and financial flow also we want to improve for the production of our goods to channelize our proper channel.
Richa Jain: Got it. And how are you planning to deploy this IPO proceeds? Which areas are there? There is working capital, capacity expansion, technology, growth initiatives can also be there. Which of these parts will see the immediate effect?
Yousuf Uddin: Immediate effect, we will use for the capital for more than 70% in EPW for this one, working capital only. And remaining we are planning to open our store in Telangana only, in Hyderabad specifically and around 7 to 8 stores also we are going to start.
Richa Jain: That’s good to hear, sir. Now, you know once listed, expectations change with the stakeholders. So, how is EPW preparing itself for this transition from being a privately held company to a publicly listed one, especially in terms of governance and transparency?
Yousuf Jain: Yeah, good question.
We have prepared a lot for this. Just we are planning to in-house our CA and TS also for the governance and for the compliances. We are working on that.
So, especially we have a team with our accounts and our auditor teams also working on this. So, as soon as early, we will finalize for the CA and TS in-house.
Richa Jain: Got it. Looking ahead, 5 to 7 years, long-term vision for EPW India?
Yousuf Uddin: Looking forward, just we are planning to enhance our capacity to refurb all the equipments. So, after the 2 or 3 years, this is our plan. Just we are planning for the main board IPO.
Right now, this is our plan.
Richa Jain: How do you see the company evolving in terms of 4 major pillars, scale, revenue profile, operational capabilities, and most importantly, company’s role in India’s circular economy?
Yousuf Uddin: Yeah, for that, I will tell my team that it has the involvement of the accounts team and production managers. And we have a good sales team also.
So, all these are key players in our company. So, initially, we are working on to enhance our capacity also to add on our refurbishment unit with the technical team also. We will add in future.
Richa Jain: Okay, sir. And finally, who are the key leaders and teams working with you to execute this grand vision? How do you ensure that there is alignment in the strategy teams and on-ground execution teams?
Yousuf Uddin: For this, most of the pillars are our sales team, accounts team, and the fabrication team, which is the quality check department. They all have more involvement in this team.
Richa Jain: Got it. Okay. And last but not the least, who are tracking EPW’s journey as it enters the next phase as a listed company?
Yousuf Uddin: First of all, I would like to say thanks for investing in EPW. So, we have been doing good business and we are going forward for the IPO. So, I suggest that it should be with us for the long term. That will be good for EPW and our investor also.
Richa Jain: Sounds like a plan. Thank you for joining us, Mr. Yusuf, and all the very best for the future. And thank you also to our viewers for tuning in.
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