Participated · Series C · Jun 2018

Cashify operates an eponymous marketplace—via website, app, physical stores and kiosks—for users to buy and sell used smartphones, tablets, laptops and other gadgets. It powers refurbishing programs for smartphone makers including Apple, Samsung and Xiaomi, repairing and refurbishing returned or used devices. Smartphones account for roughly 90% of the company's revenue. The startup has pursued an omnichannel strategy, operating over 120 company stores across 65 cities and targeting expansion to 200 cities this year. Cashify also licenses its enterprise business in markets such as the UAE, Turkey and Bangladesh and offers a diagnostic tool to evaluate devices for partners' buyback and exchange programs. The company plans to deploy the new funding to expand its team and enhance refurbished capabilities while leveraging a data- and tech-first approach to scale and minimize working capital. Cashify is an online marketplace for refurbished electronic devices, offering smartphones, laptops, desktops, tablets, and gaming consoles. Founded in 2015, smartphones account for about 90% of its business and it plans to increase other categories to 15% this year. The company operates roughly 60 offline stores, most of which its CEO says are profitable, and runs an enterprise SaaS platform it intends to offer to other businesses. Cashify will use the fresh funding to grow its enterprise SaaS globally, expand its offline/O2O retail footprint (including Tier II markets and distribution partnerships), hire, and invest in branding. The startup has seen interest in its enterprise SaaS from the Middle East, Latin America, and Russia and expects around 100% growth in 2021 after returning to pre-COVID levels in September. Management aims for the company to be profitable within the next four quarters. Cashify is a recommerce startup that operates an online marketplace for buying and selling used mobile phones. The company announced it raised $12 million in a financing disclosed on Thursday. The round was led by CDH Investments, described in the article as a China-based private equity firm, and Morningside Ventures, an early-stage fund. Strategic investor AiHouShou also participated alongside other unnamed backers. The article provides no operating metrics, valuation, or detailed terms of the financing. Further company specifics, such as prior rounds or founding year, were not included in the report. Cashify runs an online platform that enables customers to sell used electronic gadgets and receive instant cash. Founded in 2013 by Nakul Kumar and Mandeep Manocha, the app handles devices including mobile phones, laptops, tablets and televisions. The company says it has bought Rs 355 crore worth of second‑hand gadgets since inception and reports 471,000 users and 524,000 gadgets encashed. Cashify inspects phones in under 60 seconds with customer approval, picks devices within 48 hours and provides cash on the spot without pickup charges. It acqui-hired MobiBing in 2016 and counts partnerships with Amazon, eBay, Croma, Google, Ezone, Apple and Snapdeal. The company will use the newly raised funds to support expansion and product innovation. ReGlobe.in, operated by Manak Waste Management Pvt. Ltd, is a recommerce marketplace that connects sellers of used electronic gadgets to merchants. The website allows customers in 14 cities to sell laptops, mobile phones and tablets by receiving an instant quote, arranging home pickup, and paying sellers cash immediately. Founded in 2013 by Nakul Kumar and Mandeep Manocha, the company plans to expand to 30 cities and broaden its product categories. ReGlobe says it will use the new funding for expansion and product innovation. The article cites a report forecasting the Indian second-hand and recycled products market to surpass ₹1.15 trillion ($18.4 billion) by 2015 and notes the segment grew threefold in 2014. The company has raised an undisclosed amount of early-stage funding from Bessemer Venture Partners and Blume Ventures.