Exclusive: Cashify raises around $50 Mn led by Prosus

Re-commerce platform Cashify has raised around $50 million in its Series E round led by Prosus. The Gurugram-based company had raised $15 million in Series D funding round in March last year.

Cashify board has approved the allotment of 15,772 preference shares for an issue price of Rs 239,696.4 per share to raise Rs 378.05 crore or nearly $50 million, the company’s regulatory filings with RoC show.

Prosus has spearheaded the round with Rs 231 crore followed by NewQuest, Paramark, AEP Holdings and Bessemer which pumped in Rs 77 crore, Rs 46.6 crore, Rs 17.61 crore and Rs 5.9 crore respectively.

As per Fintrackr’s Estimates, Cashify has been valued at a little over $250 million in this Series E round. The company has raised $90 million since its inception in 2013.

Cashify lets customers sell and buy old electronic gadgets mostly mobile phones and laptops. Apart from buying directly from users, the company works with several offline and online channels and OEMs such as Xiaomi, OnePlus and Samsung for their exchange programs.

According to its website, it has an offline presence with 500 service locations and 40 offline stores. The company competes with Greendust and Yaantra among several others. It’s worth noting that Yaantra was acquired by Flipkart in a $40 million deal in January.

Following the new round, Olympus holds 14.57% stake in Cashify whereas Prosus and Shunwei have 11.85% and 10.04% stake in the company respectively. The company’s co-founders Nakul Kumar and Mandeep Manocha control 7.09% stake each while the third co-founder Amit Sethi holds 3.31% stake.

For the fiscal year ending on March 31, 2021, Cashify saw a minor decline in its operating revenue to Rs 340.4 crore from Rs 345.3 crore in the previous year. However, the company had managed to control its losses which came down to Rs 35 crore in FY21 from Rs 46.2 crore in FY20.

As per Fintrackr’s analysis, sales of used mobile phones and other electronic gadgets like speakers, laptops, tablets, gaming consoles and smartwatches contribute more than 90% to its total operating revenue.