Smartphone re-commerce platform Cashify luggage $90 million in new funding – TechCrunch

Home tech Gadgets Smartphone re-commerce platform Cashify luggage $90 million in new funding – TechCrunch
Smartphone re-commerce platform Cashify luggage  million in new funding – TechCrunch
Smartphone re-commerce platform Cashify luggage  million in new funding – TechCrunch

Cashify, a gadget commerce and buyback market in India, has raised $90 million in a brand new funding spherical because it appears to increase its enterprise on the planet’s second largest smartphone market.

Prosus Ventures and NewQuest Capital Companions led the Sequence E funding for the seven-year-old Indian startup, Cashify stated Thursday. Paramark Ventures and present backers together with Bessemer Enterprise Companions, Blume Ventures and Olympus Capital additionally participated within the new spherical, which included some secondary transactions. The brand new spherical, which has multiplied the startup’s valuation 2.5 occasions for the reason that Sequence C funding, takes Cashify’s funding thus far to greater than $130 million.

Cashify operates an eponymous platform – each on-line and in bodily shops and kiosks – for customers to purchase and promote smartphones, tablets, laptops, and different used devices. Customers purchase and promote gadgets from the startup by visiting the startup’s web site or app.

As well as, Cashify additionally works with all the foremost smartphone makers together with Apple, Samsung, Xiaomi and Samsung to run their very own renewal packages. Mandeep Manucha, founder and CEO of Cashify, defined in an interview with TechCrunch that the startup repairs and refurbishes these gadgets, giving them new life that they might have ended up with out them within the trash.

“We have covered the full spectrum, offering a complete solution,” he stated. Manocha stated the smartphone enterprise accounts for practically 90% of the startup’s income.

The startup is tapping into the massive market of India, the place greater than 100 million smartphones are shipped yearly and tens of tens of millions of used smartphones are resold.

Numerous smartphones offered within the nation – and overseas – are returned to e-commerce or stores. Many of those firms are additionally working with Cashify, Manucha stated.

However promoting previous smartphones requires establishing a major belief issue with customers. Manucha stated that Cashify has been increasing its presence in India by bodily retail factors of sale lately to instil that belief.

“We have invested heavily in improving the ability to refurbish and, at the same time, selling smartphones to end consumers. We take an omnichannel approach, having established more than 120 of our own stores in 65 cities in the country. We hope to increase our presence to 200 cities this year.”

Cashify additionally has operations exterior India, together with markets together with the UAE, Turkey and Bangladesh. In worldwide areas, the corporate licenses its enterprise. The corporate’s enterprise contains choices corresponding to a diagnostic software to evaluate the practical and bodily elements of a smartphone.

“For example, if you are an e-commerce company that wants to start a smartphone exchange program, you can use our diagnostic tool to pick up old phones from customers’ doorsteps. Additionally, in Turkey we have enabled small business owners to build buyback businesses in their market.” .

Cashify may even publish new funds to increase its group. The startup stated it has been very cautious about hiring new expertise up to now, an element that has allowed it to not shrink its workforce even throughout turbulent occasions.

“While there is significant opportunity in the re-trade space, Cashify has a clear advantage as a category leader through its focus on customer experience, data, and technology-first approach to driving scale and reducing working capital,” stated Amit Gupta, Associate and Head of India and Southeast Asia, NewQuest Capital Companions, in a press release.

“Their leadership position and success of the PhonePro brand is a testament to the quality of the management team and their vision for the sector. We are excited to be a part of their journey and part of the consumer revolution they are leading.”

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