Cashify, an e-commerce platform for people to buy and sells consumer goods, mainly consumer electronics just came out to announce that the company has received investments amounting to $ 90 million USD in their latest round of funding. This was a round E funding and the round was primarily led by NewQuest Capital Partners. Prosus also played a significant part in this funding round.
This round also saw the entering of a few other venture capitalists and fund management companies such as Blume Ventures and Olympus Capital who are already investors of the company. Paramark Ventures took part in this funding this company for the first time.
Cashify is a start-up company that purchases used phones and other consumer electronics of people, fixes and reconditions them and sells them.
When asked what the company will do with these funds, they said that it will be mainly used to improve the team and increase their work force. They also plan to revamp their technology and its foundation, and even push their marketing to get their name out there to scale up the business.
This is the largest funding that the company has ever received. 10 months ago, the company received investments amounting to $ 15 million USD.
Mandeep Manocha who is the founder and chief executive company of the company said that the demand for Cashify’s products and services are through the roof and they aim to have operations for at least 100 areas around the nation and even open up stores in close to 50 cities all around India.
With Cashify’s buy and sell strategy, the company says that their circular movement enables them to reduce electronic waste which dampens the environment’s condition, and at the same time, people can have access to quality consumer electronics at an affordable price. The company was established 9 years ago back in 2013 and its head office is situated in Gurugram, Haryana.
The founder also went to say that there many electronic devices in people’s homes that are not being used and just collecting dust. Cashify’s platform allows people to get rid of these devices for a reasonable amount and they are also sold at an affordable price so that everybody involved in the transactions win.
Around 90% of the company’s business comes from smartphone resale while the rest is mostly taken up by laptop resale. The founder went on to thank the investors for placing trust in him and the company.