Cashify, which runs an online platform to sell used gadgets, has raised $1 million in a venture debt funding round from Trifecta Capital.
Cashify will use the fresh funds to enhance its expansion and product innovation. In 2017, it had raised an undisclosed amount of funding from a slew of investors in Series A round.
The company has also acqui-hired (the process of acquiring a company to recruit its skills, without necessarily showing an interest in its current products and services) MobiBing, a platform which enables to buy, sell overstock, refurbished and unboxed gadgets, in 2016.
Founded in 2013 by Nakul Kumar and Mandeep Manocha, Cashify enables customers to sell their old electronic gadgets like mobile phones, laptops, tablets, televisions and get instant cash.
The application-based firm claims to have bought Rs 355 crore worth of second-hand gadgets since its inception. It has currently 471,000 users and 524,000 gadgets encashed.
The platform also claimed that it examines a phone in less than 60 seconds after the customer’s approval, the device is picked up within 48 hours and cash is given on the spot without picking charges.
The company is currently partnered with stalwarts like Amazon, ebay, Croma, Google, Ezone, Apple, Snapdeal and others.
Other players in the used products selling space include Budli, Yaantra, Elanic, Atterobay, GreenDust amongst others.
Last year in October, Yaantra had raised around $3.1 million in a bridge funding round from Carpediem Capital Partners and Duane Park.
From the last few years, Trifecta Capital has been increasingly investing in venture debt funds . It has 13 insurance companies and several family offices as investors in its debut fund.
It also offers quarterly income distribution along with an equity kicker that provides fairly predictable returns. Last week, it invested Rs 5 crore in Noida-based FabAlley.
The funding news was first reported by Inc42.