Cashify, a market for devices Commerce and buyback operations in Indiahas raised $90 million in a brand new funding spherical because it seeks to increase its enterprise on the earth’s second largest smartphone market.
Prosus Ventures and NewQuest Capital Companions led the Collection 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 Collection C funding, takes Cashify’s funding to this point 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 foremost 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 they could have ended up with out them within the trash.
“We have now coated the total spectrum, providing an entire answer,” he stated. Manucha stated the smartphone enterprise accounts for almost 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 tens of millions of used smartphones are resold.
Numerous smartphones bought within the nation – and overseas – are returned to e-commerce or shops. Manucha stated many of those firms are working with Cashify as effectively.
However promoting previous smartphones requires establishing a big belief issue with shoppers. Manucha stated that Cashify has been increasing its presence in India via bodily retail factors of sale lately to instil that belief.
“We have now invested closely in bettering the flexibility to refurbish and, on the identical time, promoting smartphones to finish shoppers. We’re taking an omnichannel method, 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 yr.”
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 contains choices resembling a diagnostic software to evaluate the useful and bodily points of a smartphone.
“For instance, in case you are an e-commerce firm that desires to start out a smartphone trade program, you need to use our diagnostic software to choose up previous telephones from clients’ doorsteps. Moreover, in Turkey now we have enabled small enterprise homeowners to construct buyback companies of their market.” .
Cashify will even be deploying new funds to increase 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 may be vital alternative within the re-trade area, Cashify has a transparent benefit as a class chief via its give attention to buyer expertise, knowledge and technology-first method to rising quantity and decreasing working capital,” stated Amit Gupta, Companion and Head of India and Southeast Asia. , NewQuest Capital Companions, in a press release.
“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.”