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

Cashify, a market for devices trade-ins and buybacks in India, has raised $90 million in a brand new financing spherical because it appears to increase its enterprise on this planet’s second largest smartphone market.

Prosus Ventures and NewQuest Capital Companions led the seven-year-old Indian startup’s Sequence E funding, Cashify stated on 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 multiples the startup’s valuation by 2.5 occasions since Sequence C funding, 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. Customers promote to and purchase gadgets from the startup by visiting the startup’s web site or app.

Moreover, Cashify additionally works with all prime smartphone makers together with Apple, Samsung, Xiaomi and Samsung to energy their refurbishing applications. The startup repairs and refurbishes these gadgets, giving them new lives with out which they could have possible ended up within the rubbish bin, defined Mandeep Manocha, founder and chief govt of Cashify, in an interview with TechCrunch.

“We have now coated the full-spectrum, providing a full-stack answer,” 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 tens of millions of used smartphones get resold.

A major variety of smartphones offered within the nation – and past – get returned to the e-commerce or stores. Many of those corporations work with Cashify as nicely, stated Manocha.

However promoting outdated smartphones requires establishing a excessive belief issue with shoppers. Cashify has been increasing its presence in India via bodily retail factors lately to solidify this belief, Manocha stated.

“We have now invested closely in enhanced refurbished functionality, and on the identical time, promoting smartphones to finish shoppers. We’re taking an omnichannel strategy, the place we’ve got established over 120 shops of our personal in 65 cities within the nation. We hope to extend our presence to 200 cities this 12 months,” he stated.

Cashify additionally has operations outdoors of India, together with in markets together with the UAE, Turkey and Bangladesh. Within the worldwide areas, the agency licenses its enterprise enterprise. The agency’s enterprise enterprise contains choices corresponding to a diagnostic software to guage a smartphone’s purposeful and bodily elements.

“As an illustration, should you’re an e-commerce agency that desires to begin a smartphone change program, you should utilize our diagnostic software to select up outdated telephones from clients’ doorsteps. In Turkey, moreover, we’ve got empowered microentrepreneurs to construct a buyback enterprise of their market,” he stated.

Cashify may also deploy the recent funds to increase its workforce. The startup stated it has been very cautious about hiring new expertise previously, an element that has allowed it to not lower workforce even within the unsure occasions.

“Whereas there’s a massive alternative set within the re-commerce house, Cashify has a transparent edge as a class chief with its concentrate on buyer expertise and its knowledge and tech-first strategy to drive scale and dealing capital minimization,” stated Amit Gupta, Accomplice and Head of India and Southeast Asia, NewQuest Capital Companions, in an announcement.

“Its management place and success of the PhonePro model are a testomony to the standard of the administration workforce and their imaginative and prescient for the sector. We’re excited to be part of their journey and part of the buyer revolution that they’re driving.”

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