5Y News | Indian Used Electronics Marketplace Cashify Closes $90 Million Series E Round
India's leader in the secondhand trading market.
Indian used electronics marketplace Cashify recently announced the completion of its $90 million Series E round, led by NewQuest and Prosus (the investment arm of South Africa's Naspers Group), with participation from Bessemer Venture Partners, Blume Ventures, Olympus Capital, and Paramark Ventures. Following this round, Cashify's total funding has exceeded $130 million.
5Y Capital led Cashify's Series C round in 2018.
Founded in India in 2013, Cashify provides users with smartphone-centric used electronics recycling, refurbishment, and resale services, while deeply integrating into the used electronics supply chain — empowering upstream and downstream partners across sourcing, processing, and transactions.
India has a massive smartphone market, with over 100 million new smartphones shipped annually and tens of millions of used smartphones resold. Cashify co-founder and CEO Mandeep Manocha said: "Over the past seven to eight years, Cashify has transformed from simply recycling devices to offering integrated services spanning recycling, refurbishment, and resale."
"Indian consumers are price-sensitive, but at the same time expect to buy quality products — this is the main driver of growth in India's used smartphone market," Mandeep added. Selling used smartphones requires building high levels of consumer trust, and in recent years Cashify has been expanding its physical retail presence across India to reinforce that trust. Currently, Cashify operates 120 offline stores in 45 cities. Over the next 12 months, it plans to expand this to 250 stores across 100 cities. Meanwhile, Cashify's unit economics continue to improve, with the company targeting break-even within 18 months.
Beyond India, Cashify has also begun expanding into other markets, including the UAE, Turkey, and Bangladesh.
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