Cashify, a marketplace for gadgets trade-ins and buybacks, has raised $90 million in its series E funding round from NewQuest Capital Partners and Prosus Ventures.
Existing investors including Bessemer, Blume Ventures, Olympus Capital and Paramark Ventures also participated in this round.
The company plans to use the funds to strengthen the team, build technology infrastructure and build the brand as well as expand into new markets.
Gurgaon-based Cashify was founded in 2013 by Mandeep Manocha, Amit Sethi and Nakul Kumar, It is a re-commerce marketplace that buys used smartphones and sells refurbished devices apart from other electronic devices.
The company said it serves two purposes – to contribute to the circular economy, thereby reducing damage to the environment, and to help others access quality smartphones at affordable prices.
Cashify co-founder and CEO Mandeep Manocha said it is seeing “unique demand” for its products and aims to expand its reach to over 100 locations across the country, currently offline stores in 45 cities across the country.
As per Manocha, there are enough electronic devices lying unused in people’s homes, and Cashify would like to be part of the system where it can be put to better use.
As part of its long-term plan, Cashify is looking to strengthen its offline presence before making a strong foray into the ecommerce space. Co-founder Mandeep believes that offline stores will help build trust among customers even before they are comfortable transacting online for such devices.
It generates almost 90 percent of its business from the smartphone category and the rest comes from laptops.
Commenting on the funding, Mandeep Manocha, said, “We are elated with the trust our investors have placed on us. This is a testament to their confidence in Cashify, the team, and the e-waste management methodology that we’re adopting.”
“While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach to drive scale and working capital minimization”, said, Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest Capital Partners.
In March 2021, Cashify had raised $15 million in a Series D funding round from private equity Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners.
India’s first and largest end-to-end smartphone solution provider. –
The IDEA originated in 2013- When one of 3 friends wanted to buy the latest iPhone, he tried to sell off his then-current Samsung phone for funding but found it difficult to do so.
That’s when the concept of CASHIFY was formed-To create a PLATFORM that would let Sell, Repair, Recycle & Manage phone in a SIMPLE MANNER for the Best PRICE.
From 1 Room to 15 Office From 3 people to 800 People- they are now a team of 800 PASSIONATE folks who are DEDICATED to help customer to keep thier smartphone (the most important thing in your life) forever healthy & UP-TO-DATE.