Tuesday , 7 December 2021

Cashify – Company Profile

Cashify is a leading re-commerce platform that allows users to sell, repair or recycle their smartphones. One can sell other electronic items as well such as television, fitness band, smart watches, smart speakers, and DSLR cameras. The company is also the preferred destination for buying refurbished second hand smartphones. Cashify was founded in 2013 and is headquartered in Gurugram. It has offices in Delhi, Bengaluru, Kolkata and Bihar.

While there are many platforms that allow users to sell and buy used smartphones, the Cashify experience works out much better. With Cashify, users can find the value of their used smartphone through an entirely online process. They can then decide whether they want to sell it or not. In case they want to sell, the smartphone is picked up from their home in a hassle free manner. Users get instant cash or they can opt for e-vouchers. For people who want to buy used smartphones, Cashify offers certified refurbished products with warranty at affordable rates.

History:

The idea for Cashify was derived when one of the founders was confronted with a real world problem. He wanted to sell his used Samsung phone and buy a new iPhone. It was the year 2013 and at that time exchange offers for smartphones were not readily available. Retail shops usually quoted very low prices for used smartphones, which was not of much value to users. This prompted the founders to launch a platform that would simplify the process of selling, repairing and recycling smartphones. Cashify was launched subsequently with the goal to make selling smartphones as easy as buying a new one.

Over the years, Cashify has registered rapid growth. It now has a team of 800 people working across 15 offices. More than 28 lakh gadgets have been sold on the platform and more than 1 lakh devices repaired. More than 1900 crore cash has been given out to people selling their smartphones and other stuff on Cashify. The company has partnered with various companies such as Amazon, Apple, Dell, HP, Nokia, One Plus, Realme, Samsung, Reliance Digital, Vivo, Oppo, and Mi.

Funding:

Cashify has received investments worth USD 28 million via five rounds of funding. Top investors include Bessemer Venture Partners, Blume Ventures, Trifecta Capital, CDH Investments, Morningside, Aihuishou and Asia Environmental Partners.

Acquisitions:

Cashify had acquired Bengaluru-based MobiBing in 2016. MobiBing was a marketplace where users can buy and sell used smartphones and gadgets. The acquisition helped Cashify to strengthen its presence in South Indian markets.

Competitors:

Cashify competes with other refurbishing firms such as Yaantra, Atterobay, Budli, and InstaCash.

About the Founders:

Cashify was founded by Mandeep Manocha, Nakul Kumar and Amit Sethi. An engineer, Mandeep currently works as the CEO at Cashify. He had earlier worked with Lehman Brothers.

Co-founder Nakul is an MBA from MDI and currently works as the COO at Cashify. He had earlier worked with companies such as Amadeus and Tecnova.

Co-founder Amit is a software engineer from IIT, Delhi and currently works as the CTO at Cashify. His earlier work experience includes assignments with companies such as Zven Technologies and Indus Valley Partners.

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