Cashify acquires retail solution platform UniShop

Cashify, operated by Manak Waste Management Pvt Ltd, currently has 60 offline stores across Delhi-NCR, Mumbai, Bengaluru and in Tier 2 cities like Patna, Kanpur and Ranchi. (Representative image)

Cashify, which sells used smartphones, said it had acquired omnichannel retail solution platform UniShop for an undisclosed amount.

Following the deal, UniShop will be rebranded as PhoneShop. Unishop's founder Hitashi Garg, its tech chief Ankit Kushwaha, and its team will join Cashify, VCCircle reported.

A spokesperson for Cashify told VCCircle that the deal comprised cash and equity.

The company was founded in 2013 by Nakul Kumar, Mandeep Manocha and Amit Sethi.

Cashify, operated by Manak Waste Management Pvt Ltd, currently has 60 offline stores across Delhi-NCR, Mumbai, Bengaluru and in Tier 2 cities like Patna, Kanpur and Ranchi. It plans to expand to 150 stores in a year-and-a-half.

"The opportunity to take small businesses online is the next big e-commerce wave. A seller today should have an online presence to attract the customers for convenience and better reach," said Nakul Kumar, COO and co-founder, Cashify, as quoted by BusinessLine.

In March, the re-commerce marketplace raised $15 million from Singapore-based Olympus Capital Asia.