Cash for phone

Cashify, an Indian company specializing in the business of used electronics, said early in March 2021 that it has raised  USD 15 million in its Series D funding round. The round witnessed major participation from Olympus Capital Asia.

Investors: The new round of funding brings the total funds raised by Cashify to date to more than USD 40 million. As already mentioned the round saw major participation from Olympus Capital Asia, which made its investment through its sustainability arm Asia Environment Partners, a fund allocated for investments in the environment sector.

Olympus Capital  Asia is a private equity firm established in the year 1997. It has so far made investments amounting to USD 2.6 billion in more than 65 companies throughout Asia.

Cashify plans to utilise the new round of investment to expand its offline reach by adding an additional 90+ stores in metros and Tier-II cities. It also plans to ramp up its marketing expenditure and make its presence known.

About Cashify:

Cashify is a private company founded by Amit Sethi, Mandeep Manocha and Nakul Kumar. It is a platform that enables its customers to sell, repair, recycle and manage their phones at the best prices

According to the company, the idea to create such a platform originated back in 2013 when one of the 3 friends (founders) planned on selling his existing Samsung phone to buy a new iPhone. However, he found the process difficult and he could not obtain the best price for his phone. Since then the team (Cashify) has done a great job in bringing their service to the market.

Today Cashify’s business is not limited to phones, as it also deals in other electronic devices like smartwatches, tablets, laptops, desktops etc.

Further Cashify plans on selling its software solution (SaaS) to companies in countries like the United States, Israel, Sri Lanka, and more.

What the CEO has to say:

“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.”–Mandeep Manocha, CEO and co-founder of Cashify.

  For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

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Raghavendra writes about the startup ecosystem on VC Bay. He is a final year undergrad at Indian Institute of Management and Commerce. Besides being a sports enthusiast, he is passionate about the world of finance and startups.



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