Cashify, an online used phone platform has raised close to a million dollars in a venture debt funding round from Trifecta Capital.
Cashify will use these funds to meet its growing working capital requirements.
Prior to this round, Cashify also raised an undisclosed amount of funding in Series A round from new and existing investors in July 2017. The company is backed by investment firms including Bessemer Venture Partners, Blume Ventures, and M&S Partners.
Nakul Kumar, COO and Co-Founder, Manak Waste Management Pvt. Ltd., which runs Cashify, said, “We are excited to partner with Trifecta for our financing needs, given their deep connections to large Indian business houses and financial institutions. Taking debt from them will allow us to deliver a superior RoE while we continue to accelerate our growth.”
Headquartered in Gurugram, Cashify was founded in 2013 by Nakul Kumar and Mandeep Manocha. The company enables its customers to sell their old mobiles online and get instant cash along with free home pick up.
The Cashify mobile app examines a smartphone in less than 60 seconds and gives a fair buy-back price based on its condition. If a customer likes the price, the device is picked up within 48 hours and cash is given on the spot.
Earlier, companies like Samsung, Snapdeal, Amazon, Croma Retail, HP and others have been using Cashify to power their exchange and buyback programs.
Rahul Khanna, Co-Founder of Trifecta Capital said, “Cashify has implemented their vision and enabled the best possible price for both buyers and sellers of used gadgets. Their deep partnerships with stalwarts like Amazon, Xiaomi and most recently OnePlus will hold them in good stead, and we are convinced that venture debt is the right solution for their business.”
Earlier in 2016, the company acqui-hired Bengaluru-based MobiBing. MobiBing was a B2C marketplace to buy, sell overstock, refurbished and unboxed gadgets. The prime focus was to re-sell and exchange best-priced quality smartphones, laptops, and tablets to customers (students, SMEs, and working professionals).
The Indian recommerce industry has been growing with various startups entering different segments to facilitate the resale of clothing, accessories, cars, phones etc.
In the growing marketplace of reselling, the companies have been sprouting up. It will be seen what new comes for customers from Cashify with its latest funding from Trifecta Capital.