A resolution to issue 10 equity and 2,195 Series E preference shares at an issue price of INR 2,39,696 per share to raise INR 52.85 Cr was passed by Cashify
While Amazon pumped in INR 39.5 Cr in the startup, Blume Ventures invested INR 13.45 Cr
In June, Cashify announced raising $90 Mn in a Series E funding round led by NewQuest Capital Partners and Prosus
Recommerce marketplace for electronic devices Cashify
has raised a total funding of over INR 52 from ecommerce giant Amazon and venture fund Blume Ventures as part of its extended Series E round.
The shareholders of Cashify passed two special resolutions to issue 10 equity and 2,195 Series E preference shares at an issue price of INR 2,39,696 per share to raise INR 52.85 Cr, according to the startup’s regulatory filings.
While Amazon pumped in INR 39.5 Cr in the startup, Blume Ventures invested INR 13.45 Cr.
Of the total 2,195 Series E shares, 561 were allotted to Blume Ventures, while the rest 1,634 shares and 10 equity shares were allotted to Amazon’s Seattle-based subsidiary.
Post this, Amazon will hold a 2.12% stake in Cashify.
In June, Cashify announced raising $90 Mn in a Series E funding round led by NewQuest Capital Partners and Prosus.
Founded in 2013 by Mandeep Manocha, Nakul Kumar, Amit Sethi, and Siddhant Dhingra, Cashify is an online platform that allows users to sell old and used electronic items. The startup also works with original equipment manufacturers (OEMs) such as Xiaomi, OnePlus and Samsung for their respective exchange programmes.
The startup primarily competes with the likes of Yaantra and Greendust.
Cashify CEO Manocha recently told Inc42 that the startup was processing monthly gross merchandise value (GMV) upwards of INR 100 Cr and was looking to double it in the next six months.
Of late, Amazon has renewed its focus on Indian startups. Earlier this year, it launched the second cohort of its startup accelerator under which it offered a total equity-free grant of up to $100K for the participants.
The ecommerce major has also invested in Indian startups in the past few years. Previously, Amazon has invested in D2C beauty brand MyGlamm, digital payments startup ToneTag, among others.
According to Redseer, the used phone market in India is projected to reach the $10 Bn value mark by financial year 2025-26 (FY26). The report further added that the overall refurbished electronic industry was growing at a compounded annual growth rate (CAGR) of 16% to reach $11 Bn by FY26.
The development was first reported by Entrackr.
