Cashify, a Gurugram based online marketplace for used smartphones has partnered with Chinese recommerce firm AiHuiShou as a strategic investor and partner in order to reinforce its international expansion.
Though the actual financial details of the deal have not been disclosed by the company, sources have cited that the collaboration is a part of the latest funding round for Cashify.
While the partnership will help Cashify leverage AiHuiShiu’s technology, it will also help to bring operational efficiencies in its business as the platform is eyeing to expand across international markets like the Middle East and Indonesia by next year.
Cashify is backed by Blume Ventures and Shunwei Capital and works with many offline as well as online channels including Amazon and Flipkart.
Mandeep Manocha, CEO at Cashify said,
With around 900K monthly transactions AiHuiShou’s operations involve recommerce at scale, having been profitable and on its way to an IPO. This partnership will enable massive scale for us, at a time when we are looking to enter newer categories such as electronic appliances, cameras and wearable devices.
Interestingly, with the Chinese partnership, onboard Cashify is also looking to expand its Kiosk model from current five in Delhi NCR to 50 by the end of this year.
Founder at AiHuiShou, Kerry Chen, said,
AiHuiShou hopes for Cashify’s business to grow in India by transferring its business expertise and experience. In the meantime, both parties will benefit in building a cross-border trading channel.
Cashify was founded in 2013 by Mandeep Manocha and Nakul Kumar. Working along the lines customer-to-business model, the marketplace allows customers to sell their old mobiles online and get instant cash along with free home pick up.
The recommerce startup had earlier raied about one million dollars from Trifecta Capital. It has also rasied an undisclosed amount in Collection A spherical from new and existing buyers in 2017.