5Y News | Indian Used Electronics Marketplace Cashify Closes $15 Million Series D Round
India's secondhand phone supply chain is massive enough to serve its 1.4 billion people, and it's a global business too.
Indian secondhand electronics trading platform Cashify recently closed a $15 million Series D round led by Asia Environmental Partners, a fund managed by Olympus Capital. This brings Cashify's total funding to $42 million.
5Y Capital led the company's Series C round in 2018.
Mandeep Manocha
Cashify CEO
Q1
Why did you start Cashify?
Mandeep Manocha: Cashify's vision and mission are the best answer to that question. We believe no electronic device should be redundant or left idle. By driving innovation and user experience, we see an opportunity for Cashify to become a leader in the secondhand trading market.
Q2
What are Cashify's next steps?
Mandeep Manocha: We'll turn Cashify's software capabilities into an open SaaS service and monetize it. At the same time, we're expanding into markets like the GCC region in the Middle East — we're in talks with several telecom and e-commerce companies to promote trade-in programs beyond India. We'll also increase our offline presence to achieve better online-offline integration. On the technology side, we're automating our backend quality inspection processes and building image recognition technology to better assess the condition of electronic devices.
Haichuan Hu
Senior Investment Manager, 5Y Capital
Cashify was 5Y Capital's first investment in India. We believe that India, where the smartphone wave continues to surge, will give rise to a used-phone industry unicorn just like Aihuishou in China.
In India, a relatively early-stage market, transaction-based businesses face high friction at every step. Mandeep and his team have shown tremendous resilience, consistently taking on difficult, heavy challenges and building solidly step by step, firmly securing their position as market leader. The company also went through a period of dormancy and the test of the 2020 pandemic. The team endured hardships and finally emerged from the dark tunnel into a new phase of promise.
This funding round marks another milestone on the company's journey. Looking ahead, the used-phone supply chain in India, with its population of 1.4 billion, is vast enough, and this is also a global business. We look forward to Cashify expanding beyond India and making bold moves in new markets like the Middle East.
About Cashify
Founded in 2013 by Mandeep Manocha, Nakul Kumar, and Amit Sethi in India, Cashify provides sales and recycling services for secondhand electronic devices including phones and laptops, and has deeply integrated into the secondhand electronics supply chain, empowering upstream and downstream ecosystems from sourcing to transactions. Cashify has partnered with leading Indian e-commerce and retail platforms including Amazon, Flipkart, and Reliance, and works with multiple phone brands including Apple, Xiaomi, Samsung, OnePlus, Oppo, and Vivo.
Currently, 90% of Cashify's business is in smartphones, and the company plans to expand into other hardware categories such as cameras. Cashify also plans to increase its number of offline stores from 60 to 150 over the next 18 months.
Cashify's founder and CEO Mandeep Manocha said the company will also increase investment in electronics recycling and reuse to help phone manufacturers and consumers reduce their carbon footprint.
5Y Capital (formerly Morningside Venture Capital) currently manages approximately $3 billion across USD and RMB dual-currency funds. We believe the world would be a better place if the "crazy" you that others see starts to be believed.
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