Cashify - Start Dreaming About Gadget Filled Future

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Watch! IPhone has launched a new model. It is IPhone 11. Now in the entire world, iPhone lovers will be running here and there. Shop to shop to buy the latest models. Did you ever think, what to do with the iphone x, that is lying back in your home? It might be any other model as well. Of any other company.

Cashify is a platform that helps you to sell your electronic gadgets like phones, tablets and laptops. The price will depend on the present condition of the gadget. The customers are having outstanding experience here. Read the Cashify success story below to know more interesting facts.

Company Highlights

Company Name	Cashify
Headquarters	Gurgaon, Haryana, India
Sector	E-commerce
Founders	Amit Sethi, Mandeep Manocha and Nakul Kumar
Founded	2013
Parent Organization	Manak Waste Management Pvt. Ltd.
Website	cashify.in

Cashify - About
Cashify - Startup Story And History
Cashify - Founders And Team
Cashify - Business Model
Cashify - Revenue Model
Cashify - Tagline, Slogan And Logo
Cashify - Funding And Investors
Cashify - Growth
Cashify - Competitors
Cashify - Future Plans

Cashify - About

Cashify is a trademark of Manak Waste Management Pvt Ltd. It enables the customers to sell, buy and repair their gadgets. It's an online marketplace. For electronic gadgets like mobiles, laptops, tablets, TV sets, gaming consoles etc. It's an Indian online re-commerce platform. The company believes in offering a complete solution to its customers hassle-free.

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Cashify - Startup Story And History

The company was known as ReGlobe. The company dealt with e-waste management. It switched itself into the re-commerce sphere. The company is backed by venture capitalists. They are Bessemer Venture Partners, India's Blume Ventures and Mauritius M&S Partners. The company raised a sum of $1 million in the year 2015.

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Cashify - Founders And Team

Mandeep Manocha, Amit Sethi and Nakul Kumar are the founders of the company Cashify.

• Mandeep Manocha is the present founder and the CEO of the company. He is working here right from the beginning. Before he was the co-founder and Head at Business Relations in ZazzyBox. He was also the co-founder and the director at Manak Waste Management Pvt Ltd. He started his career as an intern in the Investment Banking Division at Lehman Brothers. He completed his schooling from Delhi Public School, Faridabad, India. He pursued his bachelors degree in Chemical Engineering from the Punjab University.
• Amit Sethi is the co-founder and CTO at Cashify. He started his career as a Software Engineer in Indus Valley Partners.
• Nakul Kumar is the co-founder and the COO at Cashify.

Nakul Kumar, COO, Cashify

Cashify - Business Model

The company has got a C2B business model. Its objective-based approach helps the company to determine the value of the device. Buying the latest gadgets is a bit difficult for many people. And this is where the selling of old gadgets might help to buy the newer ones. Selling a second-hand gadget is never easy in India. The sector here is unorganized. Finding a buyer who is ready to pay a fair price is a very daunting task in India. The business model is unique here.

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Cashify - Revenue Model

The company has got a very simple revenue model. Cashify buys old phones, adds value to the products and sells second-hand electronic products at a margin. According to the company, around 100,000 transactions takes place a month. Sellers have to fill up the details online. Then cashify dispatches a representative who comes to the seller's house. He/she checks the device and pays cash for the device that day. Cashify collected revenue over Rs 1 billion during the years 2017-18 and has expected it to increase in 2018-19. The company raised a sum of $12 million from second-hand smartphones in the year 2018, June 28th.

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Cashify - Tagline, Slogan And Logo

Two different types of taglines are present here. One is India's #1 App to Sell Phones. The other one is #SellingSimplified.

Cashify Logo

Cashify - Funding And Investors

Cashify has raised an amount of $13M over the 4 funding rounds.

Date	Transaction Name	Money Raised	Lead Investor
June 28, 2018	Series C	$12M	CDH Investments, Morningside Group
February 12, 2018	Debt Financing	-	Trifecta Capital Advisors
July 6, 2017	Series A	-	-
April 29, 2015	Seed Round	$1M	-

Cashify has got 8 investors till date -

• Bessemer Venture Partners
• CDH Investments
• Aihuishou
• Morningside Group
• Shunwei Capital
• Trifecta Capital Advisors
• M&S Partners
• Blume Ventures

Cashify - Growth

As I have mentioned before the company claims to handle 100,000 smartphones a month. But the plan is to grow this thing into 200,000 by the end of a year. The company estimates that the used smartphone market in India will be witnessing 90 million phones sold a year. And the mark will touch 120 million by this year.

Cashify - Competitors

The top competitors of the company are Gazelle, usell.com, InstaCash and Yaantra.

• Gazelle is a platform for buying and selling electronics gadgets.
• uSell.com is a place where selling of old phones, electronic gadgets is done online.
• InstaCash is also a platform where instant cash is achieved within 60 seconds. This happens when old phones are sold.
• Yaantra is a place. It offers affordable mobile phone repairing services. For both customers as well as the retailers. All brands are repaired here.

Cashify - Future Plans

The company is aiming towards recycling mobiles. The project of recycling mobiles has already started. The goal was to allow the phone users to responsibly dispose of the old phone devices. Smartphones are the most used word in today's world. The company paid a lot of attention towards the e-waste problem. And it's still doing so with every new mobile phone sold and shipped.

Author: Purbalee Dutta

Source : https://startuptalky.com/cashify-success-story/

Date : 2020-09-16T12:54:28.000Z