Cashify has secured US$90 million in its Series E funding from NewQuest Capital Partners (“NewQuest”) and Prosus. Existing investors Bessemer, Blume Ventures and Olympus Capital invested in this round, with participation from new investor, Paramark Ventures. Funds raised will be deployed towards strengthening the team, building technology infrastructure and marketing to build the brand and expand into new markets.
Founded in 2013, Cashify is India’s re-commerce leader that provides tangible solutions for resolving the growing challenges in e-waste management. By providing after-sale services like repair and buyback, Cashify extends the lifespan of a gadget which would otherwise be left redundant, leading to the accumulation of e-waste. This way the company is also serving its mission of making “pre-owned” the new normal and transforming how Indians buy and sell their used devices. Apart from smartphone buyback, Cashify has morphed into a smartphone-centric brand with comprehensive mobile care at users’ doorsteps.
Since 2021, the company has pivoted and embarked on its expansion across India, the second-largest smartphone market globally with a rapid growth trajectory. Initiatives in its expansion plan include the opening of brick and mortar stores, marking its presence in 51 cities across India and channeled marketing strategies like on-boarding Rajkummar Rao and Rashmika Mandanna as brand ambassadors. In March 2021, the company raised US$15 million in a Series D funding led by Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners.
Commenting on the investment, Mandeep Manocha, Founder and CEO of Cashify, said, “We are elated with the trust our investors have placed on us. This is a testament to their confidence in Cashify, the team, and the e-waste management methodology that we’re adopting. We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy. We will continue to map opportunities and offers that would bridge the gap between the customers, industry and the stakeholders that matter.”
Sharing his views on the investment, Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest Capital Partners said, “While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach to drive scale and working capital minimization. Its leadership position and success of the PhonePro brand are a testament to the quality of the management team and their vision for the sector. We’re excited to be a part of their journey and a part of the consumer revolution that they’re driving.”