Article by: Stuti Pandey; Gurugram-based re-commerce startup Cashify raised $12 million led by a group of Chinese investors. The capital will be used for expanding offline presence, along with strengthening operational and technological and back-end capabilities.
The funding round compised of CDH Investments and MorningSide Group, with AiHuiShou as a strategic investor. Cashify’s existing investors Shunwei Capital, Bessemer Venture and Trifecta Capital, also participated in the round. Cashify.in, founded in 2013 is a platform that offers exchange and buyback for used smartphones and other gadgets, offers free home-pickups. owned and run by Manak Waste Management Pvt. Ltd.The phone re-selling by cashify in India is expected to double in a year, where it competes with Budli, Overcart, and Green Dust, as well as established platforms such as Olx and Quickr.
The company plans to utilise AiHouShou’s potentials to expand into markets like West Asia and South-East Asia to bring up a more effective omni-channel strategy. Cashify will change the unorganised re-selling marketplace in India by partnering with small vendors to broaden the mobile-repairing vertical, with screen-replacement and mobile-screen insurance services.