Recommerce Startup Cashify Acqui-Hires Teksolvr

Gurugram-based recommerce platform Cashify’s phone screen-repair service, Cashify ScreenPro, has announced that it will acqui-hire Chandigarh-based hyperlocal screen repair service provider Teksolvr for an undisclosed amount.

As a part of the deal, the core team of Teksolvr will join Cashify ScreenPro, in order to scale up their screen repair services. It is also planning to expand its services to different geographies across North India.  

Teksolvr was launched in 2017 by Manpreet Singh and offers live screen repair services to customers. Currently, it offers services across the Chandigarh Tricity which includes Chandigarh–Mohali–Panchkula area. According to the Cashify, this deal will help ScreenPro expand to the Tricity.

ScreenPro has serviced more than 100K customers across Delhi, Gurugram, Noida, Bengaluru and Mumbai. The company offers services such as instant screen repair at the user’s doorstep.

The startup is aiming to provide convenient screen repair services to reduce total turnaround time with this deal.

“An independent study suggests that more than 30% of premium smartphone owners worry about their screen, and a minor crack is enough to get them thinking about a replacement. Naturally, a prompt and hassle-free screen repair service that delivers quality will become a quick favourite”, said Kshitij Mohan, business head-ScreenPro.

This development comes in after the recommerce platform had raised $12 Mn (INR 83.7 Cr) in a Series C round of funding which was led by CDH Investments and MorningSide Group in June 2018.

Cashify’s Ride To Growth

This marks Cashify’s second deal after it acqui-hired Bengaluru based Mobibing, a B2C marketplace for overstock, refurbished and un-boxed gadgets in 2016.

Cashify which was founded in 2013 by Mandeep Manocha, Nakul Kumar and Amit Sethi allows its users to resell their old mobiles online which will get picked up from their homes. In June, the startup also joined hands with Chinese recommerce company AiHuiShou as a strategic investor and partner with an aim to expand in the international markets.

Some of the dominant phone companies such as Samsung, Snapdeal, Amazon, Croma Retail, HP and others have also been using Cashify to power their exchange and buyback programmes.

At a time when the number of smartphone users have been growing in the country and is projected to record 829 Mn users by 2022, the second-hand sale of mobile phones is also growing.

According to report, the average selling price (ASP) of a second hand smartphone had increased from $128 to $157  (INR 9,000 to INR 11,000) in one year.

Further, according to a report by Counterpoint Research, the global market for refurbished smartphones grew 13% Y-o-Y in 2017, reaching close to 140 Mn units.