Trifecta Capital on Monday announced that it has provided Rs 6 crores of venture debt to Manak Waste Management Pvt. Ltd which owns and operates the Cashify, an online portal that sells used mobile phones.
The funds will be used to meet the growing working capital requirements of the company.
"In our discussions with Trifecta, we felt they understood the need of the company, and tailored the financing arrangement to it. We could also minimize equity dilution by raising this debt, which is available to the company at attractive terms”, said Mandeep Manocha, CEO, and Co-Founder, Manak Waste Management Pvt. Ltd.
The company enables the customers to sell their old gadgets online and get instant cash along with free home pick up.
Hit by demonetization and cash crunch, electronics refurbishing and re-commerce companies have been facing an uphill journey in raising VC funding.
Last year companies such as Surpluss shut shop while Karma Recycling consolidated operations.
“We are thrilled to see the way that Cashify has implemented their vision and put all the pieces of the puzzle in place to enable the best possible price for both buyers and sellers of used gadgets. Their deep partnerships with stalwarts like Amazon, Xiaomi and most recently OnePlus will hold them in good stead, and we are convinced that venture debt is the right solution for their business”, said Rahul Khanna, Co-Founder of Trifecta Capital.
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