Cashify, a market for devices trade-ins and buybacks in India, has raised $90 million in a brand new financing spherical because it seems to be to make bigger its industry on this planet’s second-largest smartphone marketplace.
Prosus Ventures and NewQuest Capital Companions led the seven-year-old Indian startup’s Collection E investment, Cashify stated on Thursday. Paramark Ventures and current backers together with Bessemer Undertaking Companions, Blume Ventures and Olympus Capital additionally participated within the new spherical, which incorporated some secondary transactions. The brand new spherical, which multiples the startup’s valuation by means of 2.5 occasions since Collection C investment, takes Cashify’s to-date investment to over $130 million.
Cashify operates an eponymous platform — each on-line and bodily retail outlets and kiosks — for customers to promote and purchase used smartphones, pills, laptops and different devices. Customers promote to and purchase gadgets from the startup by means of visiting the startup’s site or app.
Moreover, Cashify additionally works with all most sensible smartphone makers together with Apple, Samsung, Xiaomi and Samsung to energy their refurbishing systems. The startup maintenance and refurbishes the ones gadgets, giving them new lives with out which they are going to have most likely ended up within the rubbish bin, defined Mandeep Manocha, founder and leader government of Cashify, in an interview with TechCrunch.
“We have now coated the total spectrum, providing a full-stack resolution,” he stated. Smartphones industry accounts for more or less 90% of the startup’s earnings, stated Manocha.
The startup is tapping into India’s huge marketplace, the place over 100 million smartphones send each and every yr and tens of hundreds of thousands of used smartphones get resold.
A vital choice of smartphones offered within the nation — and past — get returned to the e-commerce or stores. Many of those corporations paintings with Cashify as smartly, stated Manocha.
However promoting previous smartphones calls for organising a top believe issue with shoppers. Cashify has been increasing its presence in India thru bodily retail issues in recent times to solidify this believe, Manocha stated.
“We have now invested closely in enhanced refurbished capacity, and on the identical time, promoting smartphones to finish shoppers. We’re taking an omnichannel manner, the place we now have established over 120 retail outlets of our personal in 65 towns within the nation. We hope to extend our presence to 200 towns this yr,” he stated.
Cashify additionally has operations out of doors of India, together with in markets together with the UAE, Turkey and Bangladesh. Within the world areas, the company licenses its undertaking industry. The company’s undertaking industry comprises choices akin to a diagnostic device to guage a smartphone’s useful and bodily sides.
“For example, in the event you’re an e-commerce company that wishes to start out a smartphone change program, you’ll be able to use our diagnostic device to pick out up previous telephones from consumers’ doorsteps. In Turkey, moreover, we now have empowered microentrepreneurs to construct a buyback industry of their marketplace,” he stated.
Cashify can even deploy the recent budget to make bigger its crew. The startup stated it’s been very wary about hiring new ability previously, an element that has allowed it not to reduce staff even within the unsure occasions.
“Whilst there’s a huge alternative set within the re-commerce area, Cashify has a transparent edge as a class chief with its center of attention on buyer revel in and its knowledge and tech-first way to force scale and dealing capital minimization,” stated Amit Gupta, spouse and head of India and Southeast Asia, NewQuest Capital Companions, in a observation.
“Its management place and good fortune of the PhonePro logo are a testomony to the standard of the control crew and their imaginative and prescient for the sphere. We’re excited to be part of their adventure and part of the shopper revolution that they’re riding.”
