Amazon invests in Cashify

Online used-device seller Cashify has raised Rs 53 crore from e-commerce major Amazon and existing partner Blume Ventures. Post this deal, Amazon will own a 2.12% stake in Cashify.

In its ongoing round, Cashify has passed a special resolution to issue 10 equity shares and 2195 Series E preference shares at an issue price of Rs. 2,39,696 per share. Amazon gave Rs. 39.5 crore, while Blume Ventures contributed Rs. 13.45 crore.

Cashify lets customers sell and buy old electronic devices, mostly mobile phones and laptops. The company works with several offline and online channels and OEMs such as Xiaomi, OnePlus and Samsung for their exchange programs. It also works with Amazon and Flipkart to ease the process of buying and selling refurbished phones and laptops.

In the past couple of years, Amazon has increased its investments in Indian startups. Amazon has also invested in D2C beauty brand MyGlamm, wealth management company Smallcase and acquired retail tech startup Perpule last year. It has backed now acquired bus aggregator Shuttl, insurance startup Acko, fintech lender Capital Float and digital payments startup ToneTag.