Cashify, a consumer-facing online platform to buy used gadgets, has raised $12 million round led by Beijing-based alternative asset management firm CDH Investments and VC cum PE firm Morningside Ventures.
Existing Shunwei Capital and Bessemer Venture also participated in the round. AiHuiShou, a late-stage C2B platform meant for selling smartphone and gadgets in China also joined the round as a strategic investor.
The funds would primarily be used towards creating the infrastructure (warehouses etc.) for processing the devices and building refurbishing units, branding, and technology.
With this fresh capital and AiHouShou’s technology, experiences and operational efficiency, Cashify eyes expansion in the local market, SEA countries including Indonesia and Vietnam (west Asian countries).
Presently, the company claims to clock monthly transactions of about 1,00,000 with an average ticket size of about Rs 4,000. About 95 per cent of its volume is driven by smartphones and mobiles.
Cashify enables customers to sell their old electronic gadgets primarily mobile phones and get instant cash.
The company works with several offline and online channels, including Flipkart and Amazon as their exchange partner and is the sole partner for OEMs such as Xiaomi, OnePlus and Samsung in India.
Notably, Cashify also plans to foray into mobile-screen insurance and build reach in an unorganised market by partnering with small vendors. Actually, Cashify wants more users of its screen repairing vertical ScreenPro in other cities than NCR.
Operational in Gurugram, Noida, and Delhi, ScreenPro facilitates screen repairing at customer doorstep with a guarantee and fair pricing.
Founded in 2013 by Nakul Kumar, Amit Sethi and Mandeep Manocha, Cashify competes with GreenDust, Budli, Yaantra, Elanic, Atterobay, and several others.
The development was first reported by Mint.