Total amount raised
$223.8 Millions
Latest funding date
Location
Cashify has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform specializes in reselling used electronic gadgets, offering a seamless experience for users looking to sell, buy, or repair their devices.
Keep reading to delve into the details of Cashify's funding journey and the investors who believe in its potential.
What Is Cashify?
Cashify, founded in 2013, is a re-commerce platform based in Gurgaon, Haryana, India. The company specializes in buying and selling used electronic gadgets, offering services such as instant cash and free home pick-up for old devices.
The founders of Cashify are Mandeep Manocha, Amit Sethi, Nakul Kumar, and Siddhant Dhingra. Their vision was to create a seamless experience for users looking to sell, buy, or repair their gadgets.
With a workforce of 501-1000 employees, Cashify has grown significantly since its inception, becoming a trusted name in the re-commerce industry in India.
How Much Funding Has Cashify Raised?
- Seed Round
- Amount Raised: $1M
- Date: April 2015
- Lead Investors: Bessemer Venture Partners, Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and establish a market presence.
- Series A
- Amount Raised: Not publicly disclosed
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform.
- Debt Financing
- Amount Raised: $1M
- Date: February 2018
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs.
- Series C
- Amount Raised: $12M
- Date: June 2018
- Lead Investors: CDH Investments, Morningside
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
- Series D
- Amount Raised: $15M
- Date: March 2021
- Lead Investors: Olympus Capital Holdings Asia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enter new markets.
- Series E
- Amount Raised: ₹7B
- Date: June 2022
- Lead Investors: NewQuest Capital Partners, Prosus & Naspers
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Series E (Extended)
- Amount Raised: ₹520M
- Date: August 2022
- Lead Investors: Amazon.com NV Investment Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen market position and expand partnerships.
- Venture Round
- Amount Raised: $98M
- Date: November 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further expansion and innovation.
Total Amount Raised: $127M + ₹7.52B
Current Valuation: Not publicly disclosed
Key Investors
- NewQuest Capital Partners
- Details: NewQuest Capital Partners is a private equity firm focused on secondary transactions in the Asia-Pacific region. They provide liquidity solutions to private equity asset owners.
- Investment Focus Areas: Secondary transactions, private equity, Asia-Pacific.
- Notable Investments: Not publicly disclosed.
- Prosus & Naspers
- Details: Prosus & Naspers is a global consumer internet group and one of the largest technology investors in the world. They have a significant presence in online classifieds, food delivery, and fintech.
- Investment Focus Areas: Internet, technology, online classifieds, food delivery, fintech.
- Notable Investments: Tencent, Delivery Hero, OLX.
- Amazon.com NV Investment Holdings
- Details: Amazon.com NV Investment Holdings is a subsidiary of Amazon, focusing on strategic investments in startups. They have a strong interest in the Indian market.
- Investment Focus Areas: E-commerce, digital payments, technology.
- Notable Investments: MyGlamm, ToneTag.
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm based in India. They invest in technology-driven startups across various sectors.
- Investment Focus Areas: Technology, e-commerce, consumer internet.
- Notable Investments: Not publicly disclosed.
- Olympus Capital Holdings Asia
- Details: Olympus Capital Holdings Asia is a private equity firm that invests in middle-market companies across Asia. They focus on sectors with high growth potential.
- Investment Focus Areas: Financial services, agribusiness, environmental services.
- Notable Investments: Not publicly disclosed.
What's Next for Cashify?
Cashify stands at the cusp of significant growth, driven by the booming recommerce market. With the used phone market in India projected to reach $10 billion by FY26, the company has ample opportunity to expand its marketplace and double its monthly gross merchandise value. Collaborations with OEMs like Xiaomi and Samsung further bolster its potential.
Future fundraising seems promising, given the market's growth and Cashify's strategic plans. Investors like Amazon and Blume Ventures have already shown strong interest, indicating potential for more substantial investments. However, challenges such as competition from Yaantra and maintaining quality in refurbished products could pose hurdles. Navigating these will be crucial for sustained success.
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