- Cashify raises $15 million in a new financing round.
- New York-based Olympus Capital Asia made the investment through Asia Environmental Partners.
- Cashify operates an eponymous platform.
- The startup also works with top e-commerce firms in India — Amazon, Flipkart, and Paytm Mall.
Cashify, formerly ReGlobe, is a registered trademark of Manak Waste Management Pvt Ltd. Online reseller Cashify on Thursday said it had raised $15 million in a new financing round. The investment was made by New York-based Olympus Capital Asia’s clean energy and sustainability platform, Asia Environmental Partners (AEP).
Cashify said that the funding would help accelerate its investment in the electronics reuse and recycling sector. The company also aims to work with OEMs to help reduce their carbon footprint. Launched in 2015, Cashify has been founded by Mandeep Manocha, Nakul Kumar, and Amit Sethi. The platform is essentially a re-commerce marketplace that allows users to sell their old or used electronic gadgets such as smartphones, laptops, tablets, desktops, and gaming consoles.
The company says it has more than 2 million customers and over 1,500 serviceable cities. It is also a buyback partner for brands such as Vivo, Oppo, Samsung, Dell, HP, Xiaomi, and Apple in India.
Cashify Raises $15 Million For its second-hand business
Cashify has in a Series D funding round raised $15 million from private equity Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners. Including this, the online reseller has raised a total of $40 million so far. The Gurugram-based startup last raised funds in 2018 from Chinese funds—CDH Investments, Morningside, and Aihuishou.
Cashify, a re-commerce marketplace that sells and buys used smartphones and other electronic gadgets, has raised $15 million from Olympus Capital Asia. Olympus Capital will make the investment through Asia Environmental Partners (AEP), its clean energy and sustainability platform
Original Equipment Manufacturers (OEMs) in the country
The company is a trading partner for all major original equipment manufacturers (OEMs) in the country. It powers the exchange program of Samsung Electronics, Vivo and OnePlus, etc. According to Manocha, it acts as the largest liquidation partner for e-commerce platforms Flipkart and Amazon’s device exchange programs. Founded in 2013, the company has 800 employees. The reselling platform plans to add cameras to its product offerings this month. However, it will steer away from white goods such as televisions and refrigerators and will continue to focus on mobility-driven categories.
The startup plans to deploy part of the fresh capital to expand its presence in the offline market. Manocha said Cashify currently has dozens of offline stores and kiosks at shopping malls across the country and it has already proven immensely effective in brand awareness among customers. The startup also plans to expand outside of India, hire more talent and invest more in getting the word out about its offerings. Manocha said the team is also working on expanding its expertise to more hardware categories such as cameras.