Cashify, an e-commerce company for used smartphones and gadgets has raised an amount of $12 million in Series C round of funding.
The investors that led the funding were CDH Investments and MorningSide Group, along with Chinese re-commerce company AiHuiShou associating as a strategic investor. Apart from this, the existing investors were Bessemer Ventures and Shunwei Capital.
Lately, in June, the company had raised funds from its strategic investor, AiHuiShou which then became its partner for the purpose of international expansion.
Through this investment, Cashify aims to double its transaction volume to 200K by the end of the financial year 2019. Cashify will use the capital to boost up its operational capability and technology needs to grow the business’ footprint in India and globally.
Along with this, the Gurugram-based company is also planning to introduce allied services such as screen repair service for its smartphone segment even as it is on track to scale its warehousing facility both by number and area in 2018. It will also accelerate its offline kiosk model from the current five in Delhi-NCR to 50 by the end of the year.
Cashify is an online platform that allows re-selling of electronic gadgets intended to offer a stress-free experience to sell old gadgets. The company has its headquarters in Gurugram and was founded by Mandeep Manocha. Through their localized network of professional buyers across the country, the company makes sure that the people are able to sell their old or used gadgets in the fastest way possible and get the best customer experience.
The financial details of the last round of funding were not revealed but this time the company has stated that it shows 100K monthly transactions with an average ticket size of about $59.71 (Rs 4000). About 95% of its transaction volume comes from smartphones and mobiles.