Cashify, re-commerce marketplace raised $90 Million

Cashify is a re-commerce marketplace that has raised $90 million in funding. This round was participated by various existing investors that include Bessemer, Blume Ventures, and Olympus Capital. The round was also led by NewQuest Capital Partners and Prosus in a Series E round of funding.

Cashify deals with old smartphones and makes the purchases of the same and along with this the company also sells refurbished devices besides other electronic devices.

Cashify is planning to utilize the fresh funding capital in the following ways:

For strengthening its team,
Building technology infrastructure, and
Marketing to build the brand as well as expand into new markets.

This funding round has proven to be the largest funding round. prior to this round, the company had raised $15 million in a Series D round in March last year.

Cashify was founded by Mandeep Manocha in the year 2013. The company has unparalleled demand for its products and has a target to expand its reach to over 100 locations across the country. The stores are available in over 45 cities.

Cashify helps in buying old smartphones and selling these as refurbished devices. The startup says it serves two purposes, reducing the damage to the environment, and helping others to get access to quality smartphones at affordable prices.

Mandeep said that he has a belief that offline stores will help him a lot in building confidence among the customers before transacting for such devices online.

EXECUTIVE OPINION:

Mandeep said, “We are elated with the trust our investors have placed on us. This is a testament to their confidence in Cashify, the team, and the e-waste management methodology that we're adopting.”

Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest Capital Partners, said, “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 minimisation.”

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Cashify, re-commerce marketplace raised $90 Million

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