Cashify Success Story - How Old and New Mobile Phones Can Get You Instant Cash?

Purbalee Dutta Purbalee Dutta Anik Banerjee Anik Banerjee
Jun 23, 2022 9 min read
Cashify Success Story - How Old and New Mobile Phones Can Get You Instant Cash?

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Cashify.

Watch out! iPhone has launched a new model! It is an iPhone 11!

Such launches of the latest gadgets that are blazing-fast and involve the most desirable of features do always replace all the other previous models and come out imposingly strong!

The above example of the launch of the latest iPhone 11 will certainly make the iPhone lovers run here and there from shop to shop just to buy the latest model. They won't ever think about what to do with the iPhone X that is lying back in their homes? It might be any other model or gadgets as well, of any other companies. Here, Cashify can rightly be the solution.

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. With Cashify, the customers will definitely have wonderful experiences.

Read the Cashify success story below to know more interesting facts. The Cashify company profile will help you know about the Cashify company, its Founders, Funding and Investors, Tagline and Logo, Growth, Cashify Competitors, Campaigns, Cashify Brand Ambassador, Cashify Business and Revenue Model, Revenues and more.

Cashify - Company Highlights

Company Name Cashify
Headquarters Gurgaon, Haryana, India
Sector Ecommerce, Recommerce
Founders Amit Sethi, Mandeep Manocha and Nakul Kumar
Founded 2013
Total Funding $130 Million (June 2022)
Valuation $290+ Million (June 2022)
Parent Organization Manak Waste Management Pvt. Ltd.
Website cashify.in

Cashify - About
Cashify - Startup Story
Cashify - Founders And Team
Cashify - Business Model
Cashify - Revenue Model
Cashify - Tagline, Slogan And Logo
Cashify - Funding And Investors
Cashify - Growth and Revenue
Cashify - Campaigns
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 by helping them with selling, repairing, recycling and managing their phones and laptops in a hassle-free manner.

Cashify Services

Cashify Services

Cashify - Startup Story

The idea for the Cashify business originated when one of a group of 3 friends wanted to buy the latest iPhone and at the same time, sell off his Samsung phone in return for raising some funds. However, he didn't manage to find it easy to do that.

Cashify was known as ReGlobe. The company dealt with e-waste management. It then forayed into the re-commerce sphere.


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Cashify - Founders And Team

Mandeep Manocha (CEO), Amit Sethi (CTO) and Nakul Kumar (COO) are the founders of the company Cashify.

Cashify Founders
Mandeep Manocha (CEO), Amit Sethi (CTO) and Nakul Kumar (COO)

Mandeep Manocha

Mandeep Manocha is the co-founder and present CEO of Cashify. He is working in Cashify right from the beginning. He was previously 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.

Mandeep completed his schooling from Delhi Public School, Faridabad, India. He pursued his bachelor's degree in Chemical Engineering from Panjab University, and then went to the National Institute of Industrial Engineering.

Amit Sethi

He is the co-founder and CTO at Cashify. Amit Sethi is an alumnus of IIT Delhi, who has served numerous organisations like Zven Technologies, where Sethi was the Engineering VP. After this, Amit started his entrepreneurial streak, where he founded 4 companies till date, which includes Addmint, Addictab, 10Strings Technology and Cashify. He started his career as a Software Engineer in Indus Valley Partners.

Nakul Kumar

He is the co-founder and the CMO at Cashify. Nakul has a BE in Electronics and Communication from Panjab University, after which he followed it with a Masters' in European Business and International Management, and a PGDM in International Management. He was previously a Consultant at Tecnova before becoming a Founder-Director at Reglobe. He was previously the co-founder and COO and is now a CMO at Cashify. Β 

Cashify is now a team of 800+ passionate folks, as described on the company's website, who are dedicated to help the users to keep their smartphones, which is the most important thing in their lives today, healthy and up-to-date always.

Cashify - Business Model

Cashify has 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. This is why the business model is unique and profitable too.

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 take 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. The major portion of Cashify's revenues come from the smartphones category, while it gains the remaining portion of its revenues from laptops.

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 Logo

Cashify - Funding And Investors

Cashify has raised close to $130 million over the 6 funding rounds it has witnessed to date. The company recently completed its $90 mn Series E funding round led by Prosus Ventures, NewQuest Capital, Paramark, Bessemer, and more, which came in on June 22, 2022. The earlier tranche of the same round was received by Cashify on June 8, 2022. This round made Cashify valuation soar to $290 mn.

Date Transaction Name Money Raised Lead Investor
June 23, 2022 Series E $30M Prosus, NewQuest Capital, Bessemer and more
June 8, 2022 Series E $50M Prosus, NewQuest Capital, Bessemer and more
March 4, 2021 Series D $15M Olympus Capital Holdings Asia
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 seen 13 investors to date, including Bessemer Venture Partners, CDH Investments, Aihuishou, Morningside Group, Shunwei Capital, Trifecta Capital Advisors, M&S Partners, Prosus, Blume Ventures and more.

Cashify - Growth and Revenue

Cashify claims to handle 100,000 smartphones a month, and the plan is to grow this to 200,000 by the end of the year. The company estimates that the used smartphone market in India will be witnessing 90 million phones sold in a year, and the mark will touch 120 million by this year.

Cashify has grown from a startup that allowed the people to sell their mobile devices to one such company that helps everyone to buy, recycle, accessorise, and repair their smartphones so that everytime the users visit Cashify, they get what they need.

Some of the major growth highlights of Cashify can be summed up as:

  • It has 1.4+ cr customers
  • Cashify has bought 50+ lakh devices
  • It sold 40+ lakh devices
  • It has offered more than 2500+ cr cash to the customers
  • Cashify app has been downloaded 10+ mn times
  • Cashify has 15000+ serviceable locations
  • Cashify boasts of having 1000+ partners

Cashify boasts of having 120+ stores across 45 cities, which it plans to grow to 250 stores across 100 cities by mid-2023.

Cashify Financials

Cashify registered operating revenues worth Rs 340.4 crore in FY21, which was a slight decline from Rs 345.3 crore in FY20. However, along with the decline in its revenues, Cashify also saw the losses come down to Rs 35 crore, which were reported to be Rs 46.2 crore in FY20. Cashify claimed to have doubled its revenues last year and expects the business to further grow by 2-2.5X by the end of the next year. Cashify also expects to breakeven in the next 18 months, after which it might look forward to listing public.

The company saw a 2.5X growth in its valuation after its Series E round when compared with Series D round.

Cashify - Campaigns

Cashify has roped in Rajkummar Rao, who has signed a multi-year contract with the brand as per the updates on August 10, 2021. The celebrated actor, as per the deal, would be involved in the promotion of Cashify products and services on a range of different digital platforms. Furthermore, he will also be joining in with the campaigns of the other startups and help in the growth of the customer base of Cashify.

Rajkummar Rao is the first brand ambassador of the company. The main reason for signing in Rajkummar, according to Cashify, is that his personality matches the philosophy of the company. Furthermore, this collaboration will also help to establish the brand ethos, which is reliability, responsiveness, approachability, and dynamic personality.

On this collaboration, Mandeep Manocha, CEO and Cofounder of Cashify remarked, "His story is an inspiration to the β€˜aam admin (common man) of India and resonates with the spirit of our brand…”


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Cashify - Competitors

The top competitors of Cashify in India are Gazelle, usell.com, Greendust, InstaCash, and Yaantra.

  • Gazelle is a platform for buying and selling electronics gadgets.
  • uSell.com is a place where the selling of old phones, and 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.
  • Greendust is a premier online shopping site in India for computers and electronics products.
  • Yaantra is a place. It offers affordable mobile phone repairing services. For both customers as well as the retailers. All brands are repaired here. Yaantra currently stands acquired by Flipkart, which acquired it in January 2022 via a $40 mn deal.

Cashify - Future Plans

The company is aiming toward 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 among the most-used devices in today's world, and it surely generates too much waste. The company paid a lot of attention to the e-waste problem, and it's still doing so with every new mobile phone sold and shipped. Cashify now has 120 stores in 45 cities and aims to expand in reach, to have over 250 stores in 100+ cities in the upcoming year.

FAQs

Is Cashify profitable?

As per the founder of Cashify, the company's phone sales are growing at a rate of 7-8% month-on-month and the company will become profitable soon.

How does Cashify make money?

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.

How much has Cashify raised funding to date?

Cashify has raised a total of $130 Million over the 6 funding rounds to date.

Who are the competitors of Cashify?

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

How much is Cashify revenue?

Cashify's revenues stood at Rs 340.4 crore in FY21, which decreased slightly from Rs 345.3 crore in FY20.

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