The Amazon-backed re-commerce platform saw robust growth across its core refurbished devices business and ancillary services, even as disciplined cost control helped it improve margins and pare losses.
According to industry estimates, India's pre-owned smartphone market is valued at around $5 billion, with the organised refurbished market accounting for 20-25 percent of the figure. This market is expected to double to $10 billion by 2030
The platform currently sees more than 150,000 secondhand smartphone purchases per month
Cashify was founded in 2013 by was founded in 2013 by Nakul Kumar, Mandeep Manocha and Amit Sethi.
Among models, the iPhone 7 was the hottest selling model along with some other models as well as Redmi Note 4 and OnePlus 6 during the year.
The money raised will help develop an online resale site that allows people to buy a second-hand smartphone from the company directly.
The company enables the customers to sell their old gadgets online and get instant cash along with free home pick up.