Online gadget reseller Cashify raises $90 million in Series E funding round

Cashify, an e-commerce marketplace for gadget exchanges and buybacks, has raised $90 million in its Series E funding led by NewQuest Capital Partners and Prosus. 

Existing investors Bessemer, Blume Ventures and Olympus Capital invested in the round, with participation from Paramark Ventures. Cashify did not disclose the valuation at which the funding round happened. According to a report by Entrackr, the company was valued at over $250 million in the round.

The company said that the capital raised will be deployed for hiring, building technology infrastructure, marketing and expanding into new markets.

Founded in 2013, Cashify also provides after-sale services like repair and buyback at users’ doorsteps. It plans to open brick and mortar stores, expanding its presence in 51 cities across India. In March 2021, the company raised $15 million in a Series D funding, led by Olympus Capital’s clean energy and sustainability arm Asia Environmental Partners.

Mandeep Manocha, Founder and CEO of Cashify, said, “ We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy.”

“We will continue to map opportunities and offers that would bridge the gap between the customers, industry and the stakeholders that matter,” he added.

The platform currently sees more than 150,000 secondhand smartphone purchases per month. According to a report by IDC, the secondhand smartphone market in India was about $2.3 billion.