Since 2016, when Cashify was founded, the company raised $42 million in total. One of their investors is Blume Ventures.
Cashify has an online marketplace, as well as physical stores and kiosks, where users can sell and buy used smartphones, tablets, smartwatches, laptops, desktops, and gaming consoles. Around 90% of their business is run by the smartphone category.
“For consumers, our proposition is that we make it easy for you to sell your devices. You come to our site or app, answer questions to objectively evaluate the condition of your device, and we give you an estimate of how much your gadget is worth. If you like the price, we pick it up from your doorstep and give you instant cash,” said Mandeep Manocha, founder and chief executive of Cashify.
The company serves over 2 million customers in more than 1,500 cities across India. Cashify works with Apple, Samsung, OnePlus, Oppo, Xiaomi, Vivo, and HP, as well as with e-commerce firms in India — Amazon, Flipkart, and Paytm Mall. They use Cashify’s trading and exchange software to liquidate the devices. The startup then repairs these gadgets and sells the refurbished units to customers.
With the new funding, the company plans to do several things. One of the strategies is to expand its presence in the offline market. They already have dozens of stores and kiosks at shopping malls which have proven effective in brand awareness among customers.
The company plans to expand outside of India, hire more talent, invest more in getting the word out about its offerings, and expand its vertical expertise to more hardware categories such as cameras.