Cashify (formerly known as ReGlobe) is a recommerce company with headquarters in Gurgaon, India. It was founded in 2009. It operates as an online marketplace where users can sell their used electronic gadgets like mobile phones, tablets, smartwatches, laptops and video game consoles to professional buyers. It also deals in refurbished devices.[1]
| Cashify | |
| Formerly | ReGlobe (2009–2013) |
| Company type | Private |
| Industry | Recommerce E-commerce |
| Founded | 2009 |
| Founder | Amit Sethi Mandeep Manocha Nakul Kumar Siddhant Dhingra |
| Headquarters | , India |
Area served | India |
Key people | Mandeep Manocha (CEO) |
| Website | Official website |
History
editCashify was founded in 2009 as ReGlobe by Mandeep Manocha, Nakul Kumar and Amit Sethi.[2] The company operated as ReGlobe from 2009 to 2012.[3] The company had completed their first project with the mobile handset maker Nokia.[3]
In October 2013, the company partnered with Snapdeal to buy back mobiles, tablets and laptops.[4] Later Cashify formed partnerships with various original equipment manufacturers, including Amazon, eBay, Infibeam, Apple Inc., Samsung, OnePlus, Oppo, Xiaomi, Vivo and HP, under which these companies offer buy-back services.[5][6] In April 2019, Cashify partnered with Xiaomi to launch the 'Mi Recycle' feature through its MIUI Security app.[7][8]
In July 2019, the company launched its first offline store in Faridabad, Haryana.[9] It opened 60 offline stores across India, including in cities like Delhi, Mumbai, Bangalore, Patna, Kanpur and Ranchi.[10] As of April 2022, it has 103 offline stores in tier-1 cities.[1]
In June 2020, it raised donations to provide free refurbished mobile phones to non-profit organisations to support children dealing with the online shift of classes through its Donate for Education campaign.[11] In August 2021, the company appointed Bollywood actor Rajkummar Rao as its brand ambassador.[12] Cashify onboarded Rashmika Mandanna as its brand ambassador to spread brand awareness in the South Indian markets in February 2022.[1]
The company gets 80% of its supply from its direct channels, including its website, which offers doorstep pick-up facilities, and offline stores and kiosks. Cashify also retails refurbished phones under PhonePro, contributing 20% of the company's revenue.[1] The company has 30 million users on its app.[13] Cashify uses technology to determine a used phone's value based on criteria such as age, condition and warranty coverage.[14]
Acquisitions
editIn July 2016, the company bought MobiBing, a Bangalore based re-commerce platform operated by Innowhiz Online Services Pvt Ltd.[15] It acquired Teksolvr, a Chandigarh based gadget-repairing company in January 2019.[16] In July 2021, Cashify acquired UniShop, an omnichannel retail platform, for an undisclosed amount.[17]
Finances
editIn April 2015, the company raised funding for an undisclosed amount from Bessemer Venture Partners and Blume Ventures,[3] followed by its Series A funding for an undisclosed sum led by Shunwei Capital and existing investors Bessemer Venture Partners and Blume Ventures in July 2017.[18] The company received ₹6 crores of venture debt from Trifecta Capital in February 2018.[19]
In June 2018, Cashify raised funding of $12 million, led by Chinese private equity firm CDH Investments and Morningside Venture, along with strategic investor AiHuiShou.[20] In March 2021, it secured $15 million in funding for a round Series D led by New York-based Olympus Capital Asia's clean energy and sustainability arm, Asia Environmental Partners.[5] Cashify raised $90 million in its Series E funding from NewQuest Capital Partners and Prosus in June 2022.[21] Ecommerce company Amazon invested ₹ 39.5 crores through its Amazon.com NV Investment Holdings LLC, while existing investor Blume Ventures invested ₹13.45 crores as a part of the Series E round.[22]
In Financial Year 2023 Cashify's revenue was RS 815.9 Crore and In FY22 was Rs 497.7 Crore. Net Loss after tax was Rs 147.9 Crore and In FY 22 was Rs 99.0 Crore loss.[23]
Other
editThere have been a few reported instances where alleged thieves used the platform to sell robbed phones or electric devices.[24][25] In April 2019, it was reported that Cashify complained about fraudsters and imposters cheating customers of Cashify. However, they were let off with a written apology.[26]
See also
editReferences
edit- ^ a b c d Agarwal, Ayush (20 April 2022). "Cashify ditches path to profitability as it turns on growth afterburners". The Ken.
- ^ Kumar, Abhishek (29 July 2018). "Recommerce start-up Cashify offers instant cash for your used mobiles". Business Standard.
- ^ a b c Dwivedi, Vinay (1 December 2015). "Profit from 'junk' : Re-commerce firm ReGlobe buys electronic products you no longer have use for". The Economic Times.
- ^ Bhushan, Kul (9 October 2013). "Snapdeal introduces ReGlobe, a platform to sell used gadgets". Digit.
- ^ a b Singh, Manish (4 March 2021). "Cashify raises $15 million for its second-hand smartphone business in India". TechCrunch.
- ^ Borpuzari, Pranbihanga (22 May 2015). "ReGlobe inks deal with Amazon to buy-back old electronics". The Economic Times.
- ^ Singh, Jagmeet (4 April 2019). "Xiaomi Launches 'Mi Recycle' Feature in MIUI Security App to Let Users Easily Sell Phones". NDTV Gadgets360.
- ^ "पुराने स्मार्टफोन बेचने पर iPhone 13 दे रही ये वेबसाइट, ऑफर जानकर हो जाएंगे हैरान". Navbharat Times (in Hindi).
- ^ "Cashify launches first exclusive offline store in Faridabad". My Mobile. 15 July 2019.
- ^ Singal, Nidhi (17 June 2021). "Cashify to expand presence; plans to have 150 retail stores by 2021-end". Business Today.
- ^ "Cashify unveils 'Donate for Education' to provides refurbished smartphones to students". The Hindu Business Line. 22 June 2020.
- ^ Tewari, Saumya (10 August 2021). "Cashify appoints Rajkummar Rao as first brand ambassador". Livemint.
- ^ Agarwal, Ankit (18 February 2022). "Cashify Elevates Core Members To Scale Up Its Leadership Team". VCCircle.
- ^ Vedanta (19 February 2020). "Old is gold for used phone seller Cashify". The Ken.
- ^ Chopra, Arushi (19 July 2016). "Cashify acquires MobiBing in cash and stock deal". Livemint.
- ^ Udit (7 January 2019). "Cashify Acqui-hires Gadget Repairing Startup Teksolvr". TechStory.
- ^ Shah, Sneha (27 July 2021). "Cashify buys UniShop as it looks to expand both online and offline". The Economic Times.
- ^ Sharma, Disha; R, Bruhadeeswaran (6 July 2017). "Re-commerce startup Cashify raises Series A round from Chinese VC, others". VCCircle.
- ^ "Trifecta Capital loans Rs 6 crore of debt to Gurgaon-based Cashify". Moneycontrol. 12 February 2018.
- ^ Ahuja, Aakanksha (28 June 2018). "Cashify raises $12 million from Morningside, CDH, others". Livemint.
- ^ Nariharan, Sindhu (23 June 2022). "Cashify raises $90 million in Series E funding". The Times of India.
- ^ Rawat, Aman (23 August 2022). "E-Commerce Giant Amazon Invests In Used-Device Seller Cashify". VCCircle.
- ^ "Cashify's Revenue grew by 64% to Rs. 816 Cr. but losses also spike to Rs. 148 Cr". www.thenumbernews.com.
- ^ "Even the best startup ideas can be laid low by Bengaluru's crooks". Bangalore Mirror. The Times of India. 6 June 2019.
- ^ "BBA student, minor held for selling snatched mobiles". The Hindu. 29 August 2020.
- ^ Mahadevan, S. (4 April 2019). "Cashify busts fraud involving iPhones, Apple Watches being picked up in its name". The News Minute.