Indian re-commerce startup Cashify racks up $90m led by NewQuest, Prosus

Cashify founding team

Re-commerce marketplace Cashify, which enables gadget trade-ins and buybacks, announced on Thursday that it has raised $90 million in a Series E funding round led by NewQuest Capital Partners and Prosus.

The financing also saw participation from existing investors Bessemer, Blume Ventures, Olympus Capital and new investor Paramark Ventures, the startup said in a statement.

The funds raised will be deployed towards strengthening the team, building technology infrastructure and marketing to build the brand and expand into new markets, the statement added.

The latest infusion brings Cashify’s total funding to date to $140 million. It had last raised $15 million in a Series D funding round in March 2021, led by Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners.

“We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy. We will continue to map opportunities and offers that would bridge the gap between the customers, industry and the stakeholders that matter,” said Mandeep Manocha, founder and CEO of Cashify.

Founded by Mandeep Manocha, Nakul Kumar, Amit Sethi and Siddhant Dhingra, Cashify is a re-commerce marketplace that offers an online platform to sell old or used electronic gadgets — primarily smartphones, followed by laptops, tablets, desktops and Gaming Consoles.

Cashify started with a team of three people in 2013 and has expanded to more than 15,000 serviceable locations in a span of nine years. The company boasts of over 40 lakh customers, and is also an exclusive buyback partner for brands such as Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung and Dell in India.

Cashify competitors in the re-commerce and services space are Gazelle, usell.com, Greendust, InstaCash and Yaantra.

 

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