InstaCash, along with CompAsia, raises funds for strategic investment

InstaCash has raised an undisclosed amount of funding from CompAsia. InstaCash plans to utilize the funds for scaling the business in India and expanding its reach in international markets like South East Asia and East Asia. Currently, InstaCash is operational in 13 and 8 cities in India and Malaysia, respectively.

Headquartered in Jaipur, InstaCash platform offers best resale price of the old phone along with home pickup and instant payment facilities. InstaCash mobile app tests the phone functionalities and conditions and uses an intelligent algorithm to provide the assured value of phone in no time.

Recommerce or reverse commerce is the process of selling used, old, previously owned products through online or offline channels.

Prateek Goel, Co-Founder & CEO, InstaCash, expresses, “We are very excited about this strategic investment with CompAsia which will help us scale our business in India and expand our presence in the high potential markets of Southeast Asia. InstaCash is an expert in buying used smartphones, while CompAsia masters the art of selling them. I believe it's a match made in heaven and we plan to utilize this to our advantage."

Julius Lim, Founder & CEO, CompAsia, adds, “India being the second-largest smartphone market, the investment in InstaCash gives CompAsia a footprint in the huge Indian smartphone market. In addition, we have recently launched the InstaCash app in Malaysia and will soon roll it out to the rest of Southeast Asian markets which will help us reach out to more customers.”

As InstaCash has already tapped its footprints in major cities of India, the company plans to further focus on all India expansion by creating extensive brand awareness through both offline and online channels, eyeing its goal to sees itself as a future leader of re-commerce industry in India.