Smartphone re-commerce platform Cashify luggage $90 million in new funding – Thealike
Cashify, a market for devices trade-ins and buybacks in India, has raised $90 million in a brand new financing spherical because it seems to develop its enterprise on the planet’s second largest smartphone market.
Prosus Ventures and NewQuest Capital Partners led the seven-year-old Indian startup’s Series E funding, Cashify stated on Thursday. Paramark Ventures and current backers together with Bessemer Venture Partners, Blume Ventures and Olympus Capital additionally participated within the new spherical, which included some secondary transactions. The new spherical, which will increase the startup’s valuation by 2.5 instances, takes Cashify’s to-date funding to over $130 million.
Cashify operates an eponymous platform — each on-line and bodily shops and kiosks — for customers to promote and purchase used smartphones, tablets, laptops and different devices. Users promote to and purchase units from the startup by visiting the startup’s web site or app.
Additionally, Cashify additionally works with all high smartphone makers together with Apple, Samsung, Xiaomi and Samsung to energy their refurbishing applications. The startup repairs and refurbishes these units, giving them new lives with out which they might have probably ended up within the rubbish bin, defined Mandeep Manocha, founder and chief govt of Cashify, in an interview with Thealike.
“We have covered the full-spectrum, offering a full-stack solution,” he stated. Smartphones enterprise accounts for roughly 90% of the startup’s income, stated Manocha.
The startup is tapping into India’s massive market, the place over 100 million smartphones ship every year and tens of thousands and thousands of used smartphones get resold.
A major variety of smartphones offered within the nation – and past – get returned to the e-commerce or shops. Many of those corporations work with Cashify as nicely, stated Manocha.
But promoting previous smartphones requires establishing a excessive belief issue with shoppers. Cashify has been increasing its presence in India by way of bodily retail factors lately to solidify this belief, Manocha stated.
“We have invested heavily in enhanced refurbished capability, and at the same time, selling smartphones to end consumers. We are taking an omnichannel approach, where we have established over 120 stores of our own in 65 cities in the country. We are hoping to increase our presence to 200 cities this year,” he stated.
Cashify additionally has operations exterior of India, together with in markets together with the UAE, Turkey and Bangladesh. In the worldwide areas, the agency licenses its enterprise enterprise. The agency’s enterprise enterprise contains choices corresponding to a diagnostic device to judge a smartphone’s practical and bodily elements.
“For instance, if you’re an e-commerce firm that wants to start a smartphone exchange program, you can use our diagnostic tool to pick up old phones from customers’ doorsteps. In Turkey, additionally, we have empowered microentrepreneurs to build a buyback business in their market,” he stated.
Cashify can even deploy the recent funds to develop its crew. The startup stated it has been very cautious about hiring new expertise up to now, an element that has allowed it to not minimize workforce even within the unsure instances.
“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,” stated Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest Capital Partners, in an announcement.
“Its leadership position and success of the PhonePro brand are a testament to the quality of the management team and their vision for the sector. We’re excited to be a part of their journey and a part of the consumer revolution that they’re driving.”