Cashify raises $15 million to its second-hand smartphone business appearing in India

Many millions of people each year purchase a second-hand smartphone in India, all world’s second largest industry. Phone makers and big online sellers such as The amazon marketplace and Flipkart are aware of the particular, but it’s too much of problems for them to inspect, repair, so resell used phones. Require firms also know that end users are more likely to buy a smartphone credit rating offered the ability to trade-in your existing handsets.

A startup that is involved these firms tackle these challenge said on Thursday it has raised $15 thousand in a new financing round of golf. New York-based Olympus Income Asia made the deal through Asia Environmental Spouse, a fund dedicated to the environmental sector. The five-year-old medical, which counts Blume Investment strategies   among its earlier investors, has raised $42 million to date.

Cashify operates an eponymous platform — both on the web physical stores and kiosks — for users on marketplace and buy used smartphones, pills, smartwatches, laptops, desktops , and gaming consoles. most of its business today enters the smartphone category, spelled out Mandeep Manocha, founder and chief executive of Cashify, improvement interview with TechCrunch.

“For consumers, our proposition is often that we make it easy for you to enhance your devices. You appear to our site or program, answer questions to objectively evaluate the condition of your device, which give you an estimate of how great your gadget is worth, ” he said. “If you cherish the price, we pick it up with your doorstep and give you instant cash. ”

After some duration ago, I wrote for some of the struggle e-commerce firms features globally appearing in handling returned items. Nowadays liability challenges — akin to having to ensure that the innards in a returned smartphone haven’t been tempered with — as well as overhead costs in reversing an order.

Manocha said that phone to get and e-commerce firms obtain better ways to handle delivered items in recent years, but they even lose a significant amount of money on their issue. These challenges have created a big opportunity for startups such as Cashify.

In fact , Cashify says it’s the market capo in its category in The indian subcontinent. The startup has ties with “nearly every OEM” including Apple, Samsung, OnePlus, Oppo, Xiaomi, Vivo, but HP. “If you enter an Apple store today, each uses our platform. ” Intended for consumers in India, on condition that they opted for the trade-in regime, Apple. com also functions with Cashify’s trading platform, he wanted to say.

The financial services also works with top ecommerce firms in India — Amazon, Flipkart, and Paytm Mall. The firms implement Cashify’s trading and switch software, and also rely on some of the startup for liquidation connected with devices. The startup as well as repairs these gadgets plus sells the refurbished homes to customers.

“Essentially, whether you offered directly to us, or sign up for popular e-commerce firms or maybe phone OEMs, we are touching the majority of the trading, ” your puppy said. Even if a customer tradespeople in the device to Oes, or e-commerce firms, these companies sell the device to poker players like Cashify, which behaves over 2 million website visitors in more than 1, jfeowfdsoafos cities.

The most important startup plans to use part of the fresh capital in order to really expand its presence in your offline market. Manocha defined Cashify currently has many offline stores and kiosks at shopping malls across the country and has now already proven immensely working in brand awareness thought to be among customers.

Those startup also plans for expand outside of India, contract more talent, and invest more in getting the word outdoors about its offerings. Manocha said the team is also working away at expanding its expertise to help more hardware categories just like for example cameras.

“The management team at Cashify has an excellent track record on building a strong consumer-facing operation and building relationships that includes OEMs, e-commerce companies and in addition electronic product retailers being present across all tiny bit points for the consumer, ” said Pankaj Ghai, Arranging Director of Asia External Partners, in a statement.

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