Cashify announced that funds advised by Olympus Capital Asia are investing USD 15 million to scale up the mobile phone reuse and recycling sector of India. Olympus Capital Asia’ investment will be made through Asia Environmental Partners (“AEP”), its clean energy and sustainability platform.
Founded in 2015, Cashify is an online platform to sell old or used mobile phones for instant cash and offers free home-pickups. It also sells its own brand of refurbished smartphones under the brand ‘Phonepro’. Cashify plans to use the proceeds from this investment for further expanding its footprint in India.
Mandeep Manocha, founder and CEO of Cashify, said, “We are pleased that Asia Environmental Partners, one of the most experienced clean energy and sustainability investors in Asia, chose to partner with Cashify. We are looking forward to accelerating our investment in the electronics reuse and recycling sector and thereby enabling OEMs and consumers to materially reduce their carbon footprint.”
Pankaj Ghai, Managing Director of AEP, added, “We are excited to be able to participate in the electronic devices reuse and recycle sector through investing in Cashify, the clear market leader. The management team at Cashify has an excellent track record in building a strong consumer-facing franchise and building relationships with OEMs, e-commerce companies and electronic product retailers to be present across all touch points for the consumer. We look forward to partnering the company in the next leg of its growth.”