Published On: Thu, Mar 4th, 2021

Cashify raises $15 million for the used smartphone business in India

Tens of millions of people any year squeeze a used smartphone in India, a world’s second-largest market. Phone makers and hulk online sellers such as Amazon and Flipkart are wakeful of it, though it’s too most of a con for them to inspect, correct and resell used phones. But these firms also know that business are some-more expected to buy a smartphone if they are offering a ability to trade-in their existent handsets.

A startup that is assisting these firms tackle this plea pronounced on Thursday it has lifted $15 million in a new financing round. New York-based Olympus Capital Asia done a investment by Asia Environmental Partners, a account dedicated to a environmental sector. The five-year-old startup, that depends Blume Ventures among a early investors, has lifted $42 million to date.

Cashify operates an eponymous height — both online and earthy stores and kiosks — for users to sell and buy used smartphones, tablets, smartwatches, laptops, desktops and gaming consoles. But 90% of a business now surrounds a smartphone category, explained Mandeep Manocha, owner and arch executive of Cashify, in an talk with TechCrunch.

“For consumers, a tender is that we make it easy for we to sell your devices. You come to a site or app, answer questions to objectively weigh a condition of your device, and we give we an guess of how most your tool is worth,” he said. “If we like a price, we collect it adult from your doorstep and give we benefaction cash.”

A few years ago, we wrote about a onslaught e-commerce firms face globally in doing returned items. There are many guilt hurdles — such as carrying to safeguard that a innards in a returned smartphone haven’t been gradual with — as good as beyond costs in reversing an order.

Manocha pronounced that phone makers and e-commerce firms have found improved ways to hoop returned equipment in new years, though they still remove a poignant volume of income on them. These hurdles have combined a large event for startups such as Cashify.

In fact, Cashify says it’s a marketplace personality in a difficulty in India. The startup has partnerships with “nearly each OEM,” including Apple, Samsung, OnePlus, Oppo, Xiaomi, Vivo and HP. “If we travel into an Apple store today, they use a platform.” For consumers in India, if they opted for a trade-in program, also uses Cashify’s trade platform, he said.

The startup also works with tip e-commerce firms in India — Amazon, Flipkart and Paytm Mall. The firms use Cashify’s trade and sell software, and also rest on a startup for murder of devices. The startup afterwards repairs these gadgets and sells a refurbished units to customers.

“Essentially, either we come directly to us, or go to renouned e-commerce firms or phone OEMs, we are doing a infancy of a trading,” he said. Even if a patron trades in a device to OEMs, or e-commerce firms, these companies sell a device to players like Cashify, that serves over 2 million business in some-more than 1,500 cities.

The startup skeleton to muster partial of a uninformed collateral to enhance a participation in a offline market. Manocha pronounced Cashify now has dozens of offline stores and kiosks during selling malls opposite a nation and it has already proven immensely effective in code recognition among customers.

The startup also skeleton to enhance outward of India, sinecure some-more talent and deposit some-more in removing a word out about a offerings. Manocha pronounced a group is also operative on expanding a imagination to some-more hardware categories such as cameras.

“The government group during Cashify has an glorious lane record in building a clever consumer-facing authorization and building relations with OEMs, e-commerce companies and electronic product retailers to be benefaction opposite all hold points for a consumer,” pronounced Pankaj Ghai, handling executive of Asia Environmental Partners, in a statement.

India’s Cashify raises $12M for a used smartphone business

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