Cashify, a re-commerce marketplace, has raised $90 million in 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 strengthen the team, build technology infrastructure and marketing to build the brand and expand into new markets.
Mandeep Manocha, Founder and Chief Executive Officer, Cashify, told BusinessLine, “with the new funding, the platform will be focussing on propagating the brand, educating customers, and expand in different geographies in the country.” Cashify looks forward to stepping up its presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy, he added.
Cashify intends to increase its refurbishing capabilities, and invest in material handling automation and offline stores. It expects to expand the coverage to 250 offline stores in the top 100 cities in the country in the next 12 months. It presently has 120 offline stores in 45 cities.
With the offline expansion, it also plans to ramp up its online presence by investing in an e-commerce platform to sell refurbished phones online. In addition to the expansion, it also plans on aggressive brand marketing and intends to develop a footprint in the East India market.
The company is famously known for selling old phones, and 90 per cent of business is derived from phones. Going forward it intends to increase the share of the sale of laptops, smartphones and other products from 10 per cent to 20 per cent.
Initiatives in its expansion plan include opening brick and mortar stores, marking its presence in 51 cities across India and channeling marketing strategies like on-boarding actors Rajkummar Rao and Rashmika Mandanna as brand ambassadors.
In March 2021, the company raised $15 million in a Series D funding led by Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners.