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This article is sponsored by Lufthansa Runway to Success
When Mandeep Manocha graduated business school in 2009, rather than be let down by the economic showdown, he decided to turn it into an opportunity to live his dream. Mandeep, who also holds a degree in chemical engineering, had always wanted to be an entrepreneur and his internships in multi-national companies only strengthened that belief. He started his first venture – a consultancy and then moved to start a recycling unit, which he exited when a good deal knocked at his door. In 2013, he started Cashify – a re-commerce market place, which offers an online platform to sell old or used electronic gadgets. Talking about his business, he says, “Unlike other self-discovery platforms, where you need to wait until you get a consumer who is ready to buy the gadget at your desired price, we offer a guaranteed buy-back price with just a few clicks.”
Mandeep, the co-founder of Cashify, was the winner of Season 3 of the Lufthansa Runway to Success contest in 2015.
While winning the contest was a real high, there was a lot else he took away from the contest: “It provided us the much-needed validation from some renowned and experienced industry leaders. Also, a big platform like this and the opportunity to see your founders on national television helps the team reinstate their belief in the startup’s vision. That’s exactly happened.”
Cashify was formerly known as ReGlobe. The Cashify app lets you sell all your electronics, from mobile phones to laptops to air conditioners. The app checks the features of the devices you wish to sell and then quotes a price. If you are happy with the quote and agree to sell, Cashify not only ensures free pickup, but the payment happens at the time of the pickup. Cashify today powers the buy-back or exchange programmes for top e-commerce players and OEMs.
“Cashify is seeing a healthy growth and the founders are only confident that it will only get better in time to come.
Our team was extremely kicked about it. Back then, we were a team of 35 people. Today, we have grown to a team of 120.” Apart from the Cashify team, it was a proud and happy moment for the family and friends of Mandeep and his co-founder Nakul Kumar.
The Lufthansa Runway to Success contest on ET NOW saw Mandeep leveraging the opportunity to connect with other startups and VCs. He says, “During our interaction with founders, we found opportunities to collaborate that proved to be mutually beneficial.” Giving an example he states, “One of the co-founders I met at the show recently launched a mobile handset and Cashify has collaborated with them for a buy-back programme. This naturally proved to be beneficial for both the startups.” It is this kind of opportunity that a platform like Runway to Success makes possible for young startups.
Mandeep has been featured on programmes like Young Turks earlier and when he heard of Runway to Success, he didn’t want to miss it. Talking about why he applied for the contest, he says, “I knew if we could crack the contest and get visibility on a platform like this, it would be fantastic. Like any contest, when I apply, I always put in efforts to win.”
Mandeep says in the three consecutive rounds, the panellists explored in-depth about various aspects of his startup business. There were closed door Q&A rounds and case study presentations. Sharing his winning mantra, he says, “I always never ventured beyond the basics of business and for me that is – build a team of A-players and create value in the long run by keeping a constant sight on unit economics and bottom line. As long as you keep your focus on these two aspects, you are a winner any day. ”
Mandeep is excited about Cashify’s business prospects and the value it will bring to consumers. He says, “One needs to be passionate about idea that paved way for the genesis of the startup. The founder needs to give his 100 percent, if not more, to chart its success story and leverage every opportunity that comes in its way!
It’s time to make your startup story heard across the country. Applications for the Lufthansa Runway to Success close at midnight April 30, 2016. Register now.
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