Success Story of Cashify
“When it comes to smartphones, we are the only place that does it all.” The subheading reads on the About page on Cashify website. Who hasn’t faced issues in selling their old devices? And when we buy a new smartphone what we do with the old one. They lie either in a drawer or we pass them on to our siblings or relatives. But now, we have the solution to this problem with Cashify. There are a few people who can feel the pulse of the market and figure out what the market needs exactly. Cashify is the result of that sense of understanding. Let’s know more about this interesting start-up.
Get Acquaintance of the Company:
- Company: Cashify
- Founders: Amit Sethi, Mandeep Manocha and Nakul Kumar
- Founded: 2013
- Total Funding: $13 million
- Sector: E-Commerce
- Parent Organisation: Manak Waste Management Pvt. Ltd.
- Website: Cashify.in
Cashify?? What is it about?
The company enables its customers to sell, buy, repair, and accessorize their gadgets like smartphones, laptops, tablets, TV sets, and gaming consoles. This Indian online marketplace is a re-commerce platform. The philosophy of the company is to provide a complete solution hassle-free.
Rajkumar Rao, the famous Hindi film actor has been appointed as a brand ambassador of the company. The celebrated actor will be seen in promotion of Cashify products and services on a wide range of digital platforms. Additionally, he will be actively participating in campaigns for the growth of the customer base of the company.
The parent company of cashify is Manak Waste Management Pvt Ltd. Earlier it was known as ReGlobe and dealt in e-waste management. Eventually, they switched into the re-commerce domain. The company got the support of some venture capitalists such as Mauritius M&S Partners, Bessemer Venture Partners, and India Blume Ventures. In 2015, the company raised $1 million.
The company was founded with the collaboration of 3 people. Mandeep Manocha (CEO), Amit Sethi (CTO) and Nakul Kumar (CMO). Let’s know about them one by one.
Mandeep Manocha: Being at the position of founder and CEO of the company, he has been there from the very beginning. Before joining hands with other co-founders, he was the co-founder and Head at Business Relations in Zazzy Box. Manocha was also the founder and director of the Manak Waste Management Pvt Ltd. In the starting of his career Manocha did an internship in the Investment Banking Division at Lehman Brothers. He studied at Delhi Public School, Faridabad, India and then pursued his bachelor degree in Chemical Engineering from Punjab University.
Amit Sethi: The co-founder and CTO Amit Sethi started his career as a Software Engineer in Indus Valley Partners. He is a B. Tech from IIT Delhi.
Nakul Kumar: Nakul Kumar has been the co-founder and COO Cashify until February 2022 and currently is CMO. He completed his schooling from Gyan Bharti School and graduated from Punjab University with B.E in Electronics and Communication. For Masters, he joined ESCP business School. Also, he did PGDM from Management Development Institute, Gurgaon. Tecnova, Amadeus, Gaz de France were some of the companies where he worked before starting ReGlobe. As per Tracxn Nakul Kumar co-founded Cashify’s valuation is $ 86.5 million as on 1st Feb 2021
Business Model: When it comes to the business model the company has been extremely unconventional. Leaving behind the B2B and B2C modals they started C2B modal.
Purchasing a new gadget is an expensive and tough thing for many people in India. The idea of selling their old gadget to arrange cash for their desired new device comes to many people but they feel helpless as there is hardly anyone to buy their old device. If you find a buyer then he is not ready to pay a fair price. This particular sector here is not organised. Hence, the founders came up with this unique business model.
How do They Earn?
Their revenue model is simple. Buy old devices, add value to them, and sell them at a margin. The company claims to have 1 lac transaction in a month. The interested person fills up the details online. Then the company sends their representative to collect the device. The representative analyses the device and pays the cash. During the period of 2017-18, the proceeds of Cashify was Rs 1 billion. The company received a sum of $ 12 million from the used smartphones in 2018.
Growth: With another investment fund of $ 15 million in March 2021, they have raised $ 42 million until now. The start-up has collaborated with giant online sellers like amazon, flipkart, Paytm Mall and showing growth every year. Along with that Cashify has partnerships with nearly every smartphone brand including Apple, Samsung, Oppo, OnePlus, Xiaomi, Vivo, and HP.
Competitors: The company has a few competitors like uSell.com, InstaCash, Gazelle, Yaantra. Yaantra offers affordable mobile phone repairing services for retailers and customers. uSell.com sells old phones, electronic gadgets online while Gazelle buys and sells all the electronic gadgets.
The Road Ahead: The start-up is not limited to online and has opened its physical stores kiosks at shopping malls across the country. They plan to deploy more capital to expand its presence in the offline world. Along with this, the team is getting its hand on expanding their expertise to more hardware categories e.g., camera. With huge funds in their pocket and hope in their heart, they are also planning to expand outside India and will hire more talented people. Moreover, they have already started recycling their mobiles. The idea is to encourage people to dispose of their old devices responsibly. It shows that the company is paying huge attention to the e-waste problem.
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