Re-commerce leader Cashify secures US$90M in Series E funding led by NewQuest and Prosus
Cashify closes its largest-ever funding round.
The new investment will empower the company to continue to scale up to become the top player in refurbished mobile phone segment in India.
The new funds will be utilized towards strengthening the team, building technology infrastructure and enhancing marketing efforts on branding.
India, June 23, 2022
Cashify, a leading re-commerce marketplace that enables gadget trade-ins and buybacks, has secured US$90 million in its Series E funding from NewQuest Capital Partners (“NewQuest”) and Prosus. Existing investors Bessemer, Blume Ventures and Olympus Capital invested in this round, with participation from new investor, Paramark Ventures. Funds raised will be deployed towards strengthening the team, building technology infrastructure and marketing to build the brand and expand into new markets.
Founded in 2013, Cashify is India’s re-commerce leader that provides tangible solutions for resolving the growing challenges in e-waste management. By providing after-sale services like repair and buyback, Cashify extends the lifespan of a gadget which would otherwise be left redundant, leading to the accumulation of e-waste. This way the company is also serving its mission of making “pre-owned” the new normal and transforming how Indians buy and sell their used devices. Apart from smartphone buyback, Cashify has morphed into a smartphone-centric brand with comprehensive mobile care at users’ doorsteps.
Since 2021, the company has pivoted and embarked on its expansion across India, the second-largest smartphone market globally with a rapid growth trajectory. Initiatives in its expansion plan include the opening of brick and mortar stores, marking its presence in 51 cities across India and channeled marketing strategies like on-boarding Rajkummar Rao and Rashmika Mandanna as brand ambassadors. In March 2021, the company raised US$15 million in a Series D funding led by Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners.
Commenting on the investment, Mandeep Manocha, founder and CEO of Cashify, 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. 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.”
Sharing his views on the investment, 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 minimization. Its leadership position and success of the PhonePro brand are a testament to the quality of the management team and their vision for the sector. We’re excited to be a part of their journey and a part of the consumer revolution that they’re driving.”
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. Standing by its motto – ‘Think Smartphone, Think Cashify’, it is a one-stop destination for all smartphone needs – sell, buy, repair or accessorize, Cashify does it all. 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. With over 40 lakh customers, Cashify simplifies the process of managing customers’ devices by helping them with price discovery, cash in hand and other such features in a streamlined and efficient manner. Cashify is also an exclusive buyback partner for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung and Dell in India.
About OLX Group and Prosus
OLX Group is one of the fastest-growing trading platform companies globally. It builds leading marketplace ecosystems enabled by tech, powered by trust, and loved by our customers.
Serving hundreds of millions of people every month in 30+ countries around the world, OLX Group helps them buy and sell cars, find housing, get jobs, buy and sell household goods, and much more. With more than 20 well-loved local brands including OLX, OLX Autos, Otomoto, and Property24, its solutions are built to be safe, smart, and convenient for its customers.
OLX Group is powered by a team of 10,000+ people around the world, who are unified in their ambition to shape the future of trade to unlock the hidden value in everything. For more information, visit www.olxgroup.com.
OLX Group is a division of Prosus, a global consumer internet group and one of the largest technology investors in the world. Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the JSE Limited (XJSE:PRX), and is majority-owned by Naspers. For more information on Prosus and its companies and investments, please visit www.prosus.com.
NewQuest is the leading dedicated secondary private equity platform focused on the Asia-Pacific region with offices in Singapore, Hong Kong, Beijing, and Mumbai. NewQuest specializes in providing strategic liquidity solutions to private equity asset owners, including private equity funds, financial institutions, corporations, hedge funds and family offices. NewQuest was established in 2011 and currently manages four funds and associated co-investment vehicles with capital commitments of over US$2.6 billion. For more information, please visit www.nqcap.com.
Paramark Ventures is a global fund based in Korea with a focus on early-growth stage, launched in 2021 by Chunsoo Kim, who spearheaded the cross-border investments formerly at KTB Network and KB Investment, including NoBroker, PharmEasy, Spinny, Vedantu, Grab, and etc. The fund is committed to back a select few startups in their early growth stage with a long term horizon. In 2022, it has made six investments in India, including Cashify.