A re-commerce marketplace Cashify, raised $90 mn in Series E funding from NewQuest Capital Partners and Prosus. This round was led by existing investors Bessemer, Blume Ventures, and Olympus Capital, with participation from new investor Paramark Ventures. Cashify has now raised a total of $140 million in investment.
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The company wants to increase its efforts in acquiring devices and quickly reaching out to a large number of customers. Cashify will expand its presence in the top 100 cities in the country and to open 150 retail locations by the end of the year.
Since 2021, the firm has shifted its focus to India, the world’s second-largest smartphone market with a strong development trajectory. Cashify enables customers to sell and buy used electronic devices. Its largest segment is currently smartphones, but the company will now focus on laptops.
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Cashify Raised $90 mn: How Will Current Funds Come In Use?
When asked about the fund-raising climate, Mandeep Manocha, Founder and CEO of Cashify, stated, “We were fortunate to have our investors on board six months ago when the market was not too awful.” However, our industry thrives during downturns as customers seek affordability. We will continue to identify opportunities and offers that will bridge the gap between customers, industry, and key stakeholders.”
In March 2021, Asia Environmental Partners, Olympus Capital’s clean energy and sustainability subsidiary, led a $15 million Series D funding round. “The younger generation is the most interested in reconditioned cellphones since they are aspirational, but their budget ranges from Rs. 8,000 to Rs. 15,000.”
“While there is a large opportunity set in the re-commerce space, company 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 minimization,” said Amit Gupta, Partner and Head of India and Southeast Asia at NewQuest Capital Partners.
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