[Funding alert] Cashify raises $90M in Series E round led by NewQuest, Prosus
, a re-commerce marketplace, has raised $90 million led by NewQuest Capital Partners and Prosus in a Series E round of funding.
This round also saw the participation from existing investors—Bessemer, Blume Ventures, Olympus Capital, and new investor Paramark Ventures.
Cashify, which buys old smartphones and sells refurbished devices besides other electronic devices, will use this fresh capital for strengthening its team, building technology infrastructure, and marketing to build the brand as well as expand into new markets.
This is Cashify's largest funding round; it last raised $15 million in a Series D round in March 2021.
Cashify buys old smartphones and refurbishes them
Cashify's founder and CEO Mandeep Manocha said it is witnessing “unparalleled demand” for its products and is aiming to expand its reach to over 100 locations across the country, with offline stores from the present level of 45 cities.
Founded in 2013, Cashify enables the buying of old smartphones and sells these as refurbished devices. The startup says it serves two purposes—contributing to the circular economy, thereby reducing the damage to the environment, and helping others get access to quality smartphones at affordable prices.
According to Mandeep, there are enough electronic devices in people's homes that are lying unused, and Cashify would like to be part of the system where it could be put to better use.
As part of its long-term plan, the company is looking to strengthen its offline presence before it makes a strong foray into the ecommerce space.
Mandeep believes offline stores will help build confidence among the customers before they become comfortable about transacting for such devices online.
Cashify generates around 90 percent of its business from the smartphone category and the rest from laptops.
On the funding received, Mandeep said, “We are elated with the trust our investors have placed on us. This is a testament to their confidence in Cashify, the team, and the e-waste management methodology that we're adopting.”
Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest Capital Partners, said, “While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach to drive scale and working capital minimisation.”