Re-commerce marketplace Cashify has acquired UniShop, an omnichannel retail solution platform, for an undisclosed amount. Casify said the move will help it further diversify its e-commerce offerings by empowering mobile retailers to get a web presence. UniShop Founder and CEO Hitashi Garg, Chief Technology Officer Ankit Kushwaha and the rest of the team will now become part of Cashify. UniShop will be rebranded as PhoneShop and will continue to help mobile retailers across India.
A spokesperson for Cashify said that the deal comprised cash and equity. The company was founded in 2013 by Nakul Kumar, Mandeep Manocha and Amit Sethi. Cashify, operated by Manak Waste Management Pvt Ltd, currently has 60 offline stores across Delhi-NCR, Mumbai, Bengaluru and in Tier 2 cities like Patna, Kanpur and Ranchi. It plans to expand to 150 stores in a year-and-a-half.
"The opportunity to take small businesses online is the next big e-commerce wave. A seller today should have an online presence to attract the customers for convenience and better reach," said Nakul Kumar, COO and co-founder, Cashify. In March, the company raised $15 million from Singapore-based Olympus Capital Asia.
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