Re-commerce platform Cashify bags $90 million in new funding
Re-commerce marketplace Cashify has raised $90 million in Series E funding from NewQuest Capital Partners and Prosus (Investment company). Existing investors Bessemer, Bloom Ventures, and Olympus Capital invested in this round with participation from new investor Paramark Ventures. With this, company has raised a total of $140 million in funding. The present funds received will be used to grow into new markets while also strengthening the team and investing in marketing and technical infrastructure.
Cashify intends to double its efforts of acquiring devices and directly contact a large client base. Cashify intends to establish physical locations, increasing its presence in 51 Indian cities. In March 2021, the company raised $15 million in a Series D funding, led by Olympus Capital’s clean energy and sustainability arm Asia Environmental Partners. Mandeep Manocha, Founder and CEO of Cashify, said, “We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy.”
“The biggest demand for refurbished smartphones is from the younger generation who are also aspirational but when it comes to budget it is around INR 8,000 to INR 15,000. What we bring to the table is a refurbished mobile with a 6-month guarantee,” said Manocha A well-known brand in the market and a popular option for buying and selling used refurbished smartphones is Cashify. Simply sign up, select the device you wish to sell, and you’re ready to sell your phone. Cashify sends an agent to the seller’s house to perform diagnostic checks before paying them cash on the spot for the product.
Cashify completes this process by first purchasing the mobile phone and doing minor repairs when needed. The used phones are then sold across India to customers who want to buy secondhand phones or to companies that give phones to their employees. More than 150,000 used smartphones are currently purchased each month on the platform. The market for used smartphones in India was estimated by IDC to be worth $2.3 billion.
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