Monday, September 26, 2022
HomeInsightFunding Alert Smartphone re-commerce platform Cashify raises funding

[Funding alert] Smartphone re-commerce platform Cashify raises funding

Cashify, a marketplace for gadgets trade-ins and buybacks, has raised Rs 53 crore in its ongoing series E funding round from e-commerce major Amazon and existing investor Blume Ventures.  

Cashify, a marketplace for gadgets trade-ins and buybacks, has raised Rs 53 crore in its ongoing series E funding round from e-commerce major Amazon and existing investor Blume Ventures.  

The company has passed a special resolution to issue 10 equity and 2195 Series E preference shares at an issue price of Rs 2,39,696 per share to raise Rs 52.85 crore in the current round, according to regulating filling.

Amazon invested Rs 39.5 crore while existing investor Bloom invested Rs 13.45 crore in the company. according to Entrackr.

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Gurgaon-based Cashify was founded in by Mandeep Manocha, Amit Sethi and Nakul Kumar in 2013, It is a re-commerce marketplace that buys used smartphones and sells refurbished devices apart from other electronic devices.

The company aims to achieve break-even in the next 18 months before considering a possible public listing. Its growth in FY21 remained flat mainly due to the pandemic, but the company had contracted its losses during the financial year by 23.6% to Rs 35.3 crore. And on the other hand, the company’s revenue stood at Rs 340 crore in the financial year ended March 2021.

In June this year, Cashify had raised $90 million in its series E funding round from NewQuest Capital Partners and Prosus Ventures.

About Cashify

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.

Read also – [Funding alert] Freeskout raises Rs 4 Cr in Seed Round

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 their smartphones (the most important thing in your life) forever healthy & UP-TO-DATE.

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