Cashify to increase its footprint; aims to lead the circular economy trend
In a recent conversation with YourStory’s Daily Dispatch, powered by HSBC, Mandeep Manocha, Co-founder and CEO, Cashify, spoke about the re-commerce startup’s growth plans and more.
Since the COVID-19 pandemic,— a re-commerce startup for old devices — has been seeing a demand surge for used devices. While smartphones account for 90 percent of the total demand, the demand for smartwatches is also gaining traction.
Cashify operates 100 company-owned storefronts besides selling through a variety of third-party retailers.
In 2022, with a focus on expanding its established categories, the startup intends to double its retail footprint and strengthen its online direct-to-consumer (D2C) presence.
The Gurugram-based startup aims to cross the Rs 1,000 crore mark by FY23 and has set its sights on the Rs 2,000 crore mark towards the end of FY23.
While experimenting with the franchise model for its retail presence, Cashify decided to side prominently with stores with complete ownership, planning to limit franchise stores to just 10 percent of the total 250 aimed stores by FY23.
In March 2021, Cashify raised $15 million from Asia Environmental Partners. To date, it has raised $40 million.
When asked about competition, Mandeep Manocha, Co-founder and CEO, Cashify, said the technology stack built on the liquidation of devices is far better than any in the same segment within their bracket.
"Globally, we are seeing a lot of traction in the space," he said. He added the previous five to six months of work on brand development has given the startup a considerable edge.
Mandeep emphasised the importance of the circular economy and its imminent rise in the coming few years. He said that reusing and recycling is the solution ahead, not just for the profitability of the company but also for the environment.
"I don't think a lot of people think about recycling or bringing used devices back, so that the life cycle can be extended," he said.
Awareness of sustainability through circular economy models and the advent of global players in the field makes it all the more important to focus on this segment.
Cashify aims to make a sustainable economic system by extending the lives of used devices and strives to become a global leader in the re-commerce segment.
Edited by Suman Singh