Cashify, a market for devices trade-ins and buybacks in India, has raised $90 million in a brand new financing spherical because it appears to broaden its enterprise on this planet’s second-largest smartphone market.
Prosus Ventures and NewQuest Capital Companions led the seven-year-old Indian startup’s Collection E funding, Cashify mentioned on 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 multiples the startup’s valuation by 2.5 occasions since Collection C funding, takes Cashify’s to-date funding to over $130 million.
Cashify operates an eponymous platform — each on-line and bodily shops and kiosks — for customers to promote and purchase used smartphones, tablets, laptops and different devices. Customers promote to and purchase gadgets from the startup by visiting the startup’s web site or app.
Moreover, Cashify additionally works with all prime smartphone makers together with Apple, Samsung, Xiaomi and Samsung to energy their refurbishing applications. The startup repairs and refurbishes these gadgets, giving them new lives with out which they could have seemingly ended up within the rubbish bin, defined Mandeep Manocha, founder and chief government of Cashify, in an interview with TechCrunch.
“We now have lined the total spectrum, providing a full-stack answer,” he mentioned. Smartphones enterprise accounts for roughly 90% of the startup’s income, mentioned Manocha.
The startup is tapping into India’s giant market, the place over 100 million smartphones ship annually and tens of tens of millions of used smartphones get resold.
A major variety of smartphones offered within the nation — and past — get returned to the e-commerce or shops. Many of those companies work with Cashify as effectively, mentioned Manocha.
However promoting outdated smartphones requires establishing a excessive belief issue with shoppers. Cashify has been increasing its presence in India via bodily retail factors lately to solidify this belief, Manocha mentioned.
“We now have invested closely in enhanced refurbished functionality, and on the identical time, promoting smartphones to finish shoppers. We’re taking an omnichannel method, the place we’ve got established over 120 shops of our personal in 65 cities within the nation. We hope to extend our presence to 200 cities this 12 months,” he mentioned.
Cashify additionally has operations exterior of India, together with in markets together with the UAE, Turkey and Bangladesh. Within the worldwide areas, the agency licenses its enterprise enterprise. The agency’s enterprise enterprise contains choices similar to a diagnostic device to judge a smartphone’s useful and bodily facets.
“As an illustration, in case you’re an e-commerce agency that desires to start out a smartphone change program, you should utilize our diagnostic device to select up outdated telephones from clients’ doorsteps. In Turkey, moreover, we’ve got empowered microentrepreneurs to construct a buyback enterprise of their market,” he mentioned.
Cashify will even deploy the recent funds to broaden its group. The startup mentioned it has been very cautious about hiring new expertise prior to now, an element that has allowed it to not reduce workforce even within the unsure occasions.
“Whereas there’s a giant alternative set within the re-commerce house, Cashify has a transparent edge as a class chief with its deal with buyer expertise and its information and tech-first method to drive scale and dealing capital minimization,” mentioned Amit Gupta, associate and head of India and Southeast Asia, NewQuest Capital Companions, in a press release.
“Its management place and success of the PhonePro model are a testomony to the standard of the administration group and their imaginative and prescient for the sector. We’re excited to be part of their journey and part of the buyer revolution that they’re driving.”