Cashify, a re-commerce marketplace, has raised $90 million in Series E funding from NewQuest Capital Partners (“NewQuest”) and Prosus.
Existing traders Bessemer, Blume Ventures and Olympus Capital, invested in this round, with participation from new investor Paramark Ventures. Funds raised will strengthen the crew, construct know-how infrastructure and advertising to construct the model and broaden into new markets.
Mandeep Manocha, Founder and Chief Executive Officer, Cashify, instructed BusinessLine, “with the brand new funding, the platform will likely be focussing on propagating the model, educating clients, and broaden in totally different geographies in the nation.” Cashify appears ahead to stepping up its presence and choices for our valued clients in India and fulfilling our broader aim of integrating the round economic system, he added.
Cashify intends to extend its refurbishing capabilities, and make investments in materials dealing with automation and offline shops. It expects to broaden the protection to 250 offline shops in the highest 100 cities in the nation in the following 12 months. It presently has 120 offline shops in 45 cities.
With the offline growth, it additionally plans to ramp up its on-line presence by investing in an e-commerce platform to promote refurbished telephones on-line. In addition to the growth, it additionally plans on aggressive model advertising and intends to develop a footprint in the East India market.
The firm is famously recognized for promoting outdated telephones, and 90 per cent of enterprise is derived from telephones. Going ahead it intends to extend the share of the sale of laptops, smartphones and different merchandise from 10 per cent to twenty per cent.
Initiatives in its growth plan embody opening brick and mortar shops, marking its presence in 51 cities throughout India and channeling advertising methods like on-boarding actors Rajkummar Rao and Rashmika Mandanna as model ambassadors.
In March 2021, the corporate raised $15 million in a Series D funding led by Olympus Capital’s clear vitality and sustainability arm, Asia Environmental Partners.