Cashify Smartphone Re-Commerce Platform Provides $90M in New Funding – TechCrunch

Cashify, a market for devices Commerce and buyback operations in Indiahas raised $90 million in a brand new funding spherical because it seeks to broaden its enterprise on this 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 current 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 instances 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 main smartphone makers together with Apple, Samsung, Xiaomi and Samsung to run their very own renewal applications. 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 now have lined the complete spectrum, providing an entire resolution,” he stated. Manocha stated the smartphone enterprise accounts for practically 90% of the startup’s income.

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

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

However promoting outdated smartphones requires establishing a big belief issue with customers. Manucha stated that Cashify has been increasing its presence in India via bodily retail factors of sale in recent times to instil that belief.

“We now have invested closely in bettering the flexibility to refurbish and, on the identical time, promoting smartphones to finish customers. We take an omnichannel strategy, having established greater than 120 of our personal shops in 65 cities within the nation. We hope to extend our presence to 200 cities this 12 months.”

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 consists of choices akin to a diagnostic instrument to evaluate the purposeful and bodily elements of a smartphone.

“For instance, if you’re an e-commerce firm that wishes to start out a smartphone alternate program, you should utilize our diagnostic instrument to choose up outdated telephones from clients’ doorsteps. Moreover, in Turkey we have now enabled small enterprise homeowners to construct buyback companies of their market.” .

Cashify will even publish new funds to broaden its staff. 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 instances.

“Whereas there’s vital alternative within the re-trade house, Cashify has a transparent benefit as a class chief via its concentrate on buyer expertise, knowledge, and technology-first strategy to driving scale and decreasing working capital,” stated Amit Gupta, Accomplice and Head of India and Southeast Asia, NewQuest Capital Companions, in an announcement.

“Their management place and success of the PhonePro model is a testomony to the standard of the administration staff and their imaginative and prescient for the sector. We’re excited to be part of their journey and a part of the buyer revolution they’re main.”