Cashify to open 250 physical stores by March 2023
The company aims to expand to 30 more cities by the end of this year, reading to customers in over 100 cities.
Re-commerce marketplace, Cashify, which sells and buys used electronic gadgets, has raised funds worth $15 million from Olympus Capital Asia.
These funds will be used to scale up company’s presence in the mobile phone reuse and recycling sector in the country.
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The company in a statement said Olympus Capital Asia’ investment will be made through Asia Environmental Partners (AEP), its clean energy and sustainabilyity platform.
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Founded in 2015 by Mandeep Manocha, Nakul Kumar and Amit Sethi, Cashify is an online platform to sell old or used mobile phones for instant cash and offers free home-pickups. It also sells its own brand of refurbished smartphones under the brand ‘Phonepro’.
“We are pleased that Asia Environmental Partners, one of the most experienced clean energy and sustainability investors in Asia, chose to partner with Cashify. We are looking forward to accelerating our investment in the electronics reuse and recycling sector and thereby enabling OEMs and consumers to materially reduce their carbon footprint,” Cashify founder and CEO Mandeep Manocha said.
Meanwhile, Pankaj Ghai, Managing Director of AEP, said the management team at Cashify has an excellent track record in building a strong consumer-facing franchise and building relationships with OEMs, e-commerce companies and electronic product retailers to be present across all touch points for the consumer.
“We look forward to partnering with the company in the next leg of its growth,” he added.
The company, which also deals in laptops, tablets, desktops and gaming consoles, has over 2 million customers and 1,500+ serviceable cities.
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