Cashify, a startup which sells used electronic items has bagged a $12 million funding from Chinese investors in a Series C round. CDH Investments and Morningside Group led the funding round. The Gurgaon-based firm had raised a total of $13 million funding. In 2016, Cashify had acquired a Bangalore based B2C marketplace MobiBing.
As per TechCircle, the firm plans to use the fresh money in scaling their backend offerings and increasing refurbishing centers in the coming 12 months.
Started in 2009 by Amit Sethi, Mandeep Manocha, Nakul Kumar, Cashify allows the users to sell their used products such as mobile phones, laptops, tablets, TVs and gaming consoles can upload the details on the web and mobile platform of Cashify where they get an instant quote.
Manocha, the CEO of the firm commenting on the fresh fundraising said that “Our time, energy and funds raised until now have primarily gone towards ramping up our operational capabilities. Now, we want to spend a bit on marketing as well as to build a brand."
Interestingly, increasing their capabilities, the firm had recently launched ‘at-home screen repair service’ in Delhi where a technician will visit customer’s home and repair broken mobile screens in 20 minutes. The firm plans to take the service across the country in the upcoming days.
They also have kiosks which are their collection centers as well as customer retail touch points. The company wants to sell the products from these centers as well. According to Manocha, there are a large proportion of populations in the tier II cities who are using feature phones. Cashify through their platform helps them get their hands on the smartphones.
Image Courtesy : Cashify