Crossborder re-commerce deal: China’s AiHuiShou backs Cashify

Cashify

Cashify, which runs an online platform to sell used gadgets has raised funds from Chinese re-commerce giant AiHuiShou who also joined the Gurugram-based startup as a strategic investor and partner for global expansion.

The quantum of the deal couldn’t be ascertained.

The undisclosed funding comes after four months of Cashify’s $1 million venture debt round from Trifecta Capital.

With the partnership, Cashify will look to leverage AiHuiShou’s technology to ramp up its operational efficiencies to further increase its footprint in global markets like Indonesia and the Center East by next year.

Besides, Cashify also aims to enter newer categories such as electronic appliances, cameras, and wearable devices.

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 Blume Venture-backed startup works with several offline and online channels, including Flipkart and Amazon as their exchange partner and is the sole partner for phone makers such as Xiaomi, OnePlus and Samsung in India.

Currently, Cashify claims to clocks monthly transactions of about 1,00,000 with an average ticket size of about Rs 4,000. Interestingly, about 95 per cent of its transaction volume is driven by smartphones and mobiles.

Going forward, Cahify aims to expand its Kiosk model from current five in Delhi NCR to 50 by the end of this year and looking to double its transaction volume to 2,00,000 by the end of the current financial year.

Apart from Trifecta and Blume, Cashify had raised fund from Shunwei Capital in the earlier round. Other players in the used products selling space include Budli, Yaantra, Elanic, Atterobay, GreenDust amongst others.

On the other side, AiHuiShou operates as an online electronic products recycling platform. It provides second-hand electronics retailing, on-site recycling, logistics, recycling consulting, and immediate payment services. The IPO-bound company claims to be profitable and does 9,00,000 monthly transactions on its platform.

The development was reported by ET.

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