India’s first and largest end-to-end smartphone solution provider, Cashify, has raised $90 million in new funding. The company is looking to expand its business in the world’s second-largest smartphone market.
Prosus Ventures and NewQuest Capital Partners led the seven-year-old Indian startup’s Series E funding, Cashify said on Thursday.
The company said in a statement, “The new funds will be utilised towards strengthening the team, building technology infrastructure, and enhancing marketing efforts on branding.”
Paramark Ventures and existing backers including Bessemer Venture Partners, Blume Ventures, and Olympus Capital also participated in the new round, which included some secondary transactions. The new round, which multiples the startup’s valuation by 2.5 times since Series C funding, takes Cashify’s to-date funding to over $130 million.
Mandeep Manocha, Founder and CEO of Cashify said, “We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy.”
The smartphone business accounts for roughly 90% of the startup’s revenue, said Manocha. “We have covered the full spectrum, offering a full-stack solution,” he said.
Apart from smartphone buyback, Cashify has become a smartphone-centric brand with comprehensive mobile care at users’ doorsteps.
Cashify will also deploy the fresh funds to expand its team. The startup said it has been very cautious about hiring new talent in the past, a factor that has allowed it to not cut the workforce even in uncertain times.
“While there is a large opportunity set in the e-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach to drive scale and working capital minimization,” said Amit Gupta, partner and head of India and Southeast Asia, NewQuest Capital Partners, in a statement.
“Its leadership position and success of the PhonePro brand are a testament to the quality of the management team and their vision for the sector. We’re excited to be a part of their journey and a part of the consumer revolution that they’re driving.”
Cashify has more than 40 lakh customers and is a buyback partner for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung, and Dell in India.
Cashify also has operations outside of India, including in markets including the UAE, Turkey, and Bangladesh. In the international regions, the firm licenses its enterprise business. The firm’s enterprise business includes offerings such as a diagnostic tool to evaluate a smartphone’s functional and physical aspects.
The startup is tapping into India’s large market, where over 100 million smartphones ship each year and tens of millions of used smartphones get resold.
