Cashify acquires UniShop to empower Indian mobile retailers

Re-commerce marketplace Cashify on Tuesday said it has acquired UniShop, an omnichannel retail solution platform, for an undisclosed sum. UniShop will be rebranded as PhoneShop and will continue to help mobile retailers across India, the company stated.

Cashify said the new development will help it to further diversify its ecommerce offerings by empowering mobile retailers to get a web presence, build their brand, and make more money to compete with ecommerce giants.

Talking about the development, Nakul Kumar, COO and Co-founder, Cashify, said,

“The opportunity to take small businesses online is the next big ecommerce wave. A seller today should have an online presence to attract customers for convenience and better reach. The collaboration resonates well with Cashify’s commitment to democratising technology as well as growing strategically in the ecommerce space.

Further, we see this as an extension of our team and are excited to have Unishop as a partner, as they have a great understanding of the market and retailers' needs, especially in a Covid world where retailers must go digital to reach the highest potential. With UniShop's tech team and our acumen, we are sure that this product will bring direct-to-customer internet channels to neighbourhood shops and services to not just survive in this pandemic but see it as a long-term business growth opportunity.”

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UniShop has helped more than three lakh small merchants take their businesses online.

On the other hand, Cashify has opened 60 offline stores till now across Delhi-NCR, Mumbai, Bengaluru and in Tier-II cities, and plans to grow to 150 stores.

According to Hitashi Garg, Founder at UniShop (now PhoneShop),

"Both UniShop and Cashify could see synergies, where both wanted to help small retailers compete with the big boys. We were sold to the vision and idea of doing the same at a much larger scale with Cashify."

With this acquisition, Hitashi; Ankit Kushwaha, who is the CTO; and the rest of the team will now be part of Cashify.

Passion Connect played a crucial role in this acquisition.

Sanam Rawal, Lead Talent Advisor at Passion Connect said,

"When we reached out to UniShop, we instantly saw the talent that the team has and the potential in their product. We loved their way of thinking and knew that Cashify would be a good fit."

With over 20 lakh customers, Cashify simplifies the process of managing devices by helping the users with price discovery, cash in hand and other such features in a streamlined and efficient manner.