Cashify bags $90 mn in series E funding
The re-commerce marketplace – Cashify has bagged $90 million in its Series E funding from NewQuest Capital Partners and Prosus. Bessemer, Blume Ventures and Olympus Capital, the existing investors, participated in this round. New investor - Paramark Ventures also participated in the round.
With this round the company has accumulated a total of $140 million in funding. The fresh funds will be used in strengthening the team, building technology infrastructure and marketing to build the brand and expand into new markets.
The company plans to double its efforts of acquiring devices and also reaching out to a large base of customers directly. Cashify will expand its presence in top 100 cities of the country and increase its reach to 150 retails stores by the end of this year.
From 2021, the company has started its expansion across India, the second-largest smartphone market globally with a rapid growth trajectory. Cashify allows customer to sell and buy old electronic gadgets like phone, laptops, speakers etc. Its biggest category at present is smartphone, but the company will now also focus on laptops.
When asked about the fund raise environment Mandeep Manocha, Founder and CEO of Cashify, said, “We were lucky to get our investors on board six months back when the market was not too bad. But our sector thrives on downturn as people move towards affordability. We will continue to map opportunities and offers that would bridge the gap between the customers, industry and the stakeholders that matter.”
In March 2021, the company raised $15 million in a Series D funding led by Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners.
“The biggest demand for refurbished smartphones is from the younger generation who are also aspirational but when it comes to budget it is around Rs 8,000 to Rs 15,000. This means buying an iPhone or an OnePlus is out of reach. What we bring to the table is a refurbished phone with a six month guarantee,” added Manocha.
Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest Capital Partners said, “While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach to drive scale and working capital minimization. Its leadership position and success of the PhonePro brand are a testament to the quality of the management team and their vision for the sector. We’re excited to be a part of their journey and a part of the consumer revolution that they’re driving.”
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