Cashify, a re-commerce company engaged in the selling of old gadgets online, has acqui-hired Bangalore-based MobiBing. Post acquisition, COO of MobiBing, Nadeem Bari will be shifting to Germany to pursue his own consultancy work while the rest of team will be joining Cashify’s Bangalore office.
Sibgathulla Zeeshan, the founder of MobiBing, will join Cashify’ strategic initiatives team. As said, Zeeshan will bring on-board South India regional expertise to build, expand and upgrade Cashify’s product offerings as well as enhance geographical presence for the company.
“Since the first time we imagined MobiBing, our vision was to create technology and a company that has a lasting impact in the used Smartphone market,” said Zeeshan. “We are combining what we’ve learned at MobiBing with the incredible platform and eco-system Cashify has built to realise our vision.”
MobiBing was launched in July 2015 by Zeeshan and Nadeem Bari Mohammed with an aim to build a B2C responsive marketplace to buy, sell overstock, refurbished and un-boxed 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 meta-search engine on the platform supports and lists 4500+ smartphones, tablets and laptops. The team had set up testing capability for various gadgets and has shipped certified devices to over 100 cities.
It was one the few startups who were part of Google Developer Launchpad in India and also part of Microsoft Bizsparks program.
“After closely following the progress of MobiBing and the drive of Zeeshan, we knew that the best way to create great recommerce consumer experience and more penetration in the south India market was to integrate MobiBing’s offering with Cashify,” said Mandeep Manocha, CEO, and co-founder of Cashify. “The collaboration will help us better serve our customers by building a stronger network for south India market.”
Headquartered in Gurgaon, Cashify is backed by investment firm including Bessemer Venture Partners, Blume Ventures, and M&S Partners. Formerly known as ReGlobe, it was launched in 2013 by Nakul Kumar and Mandeep Manocha. It runs exchange/buyback offers for OEMs eCommerce and offline retailers.
The mobile app has the ability to diagnoses a smartphone in less than 60 seconds and give 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.
Companies like Samsung, Snapdeal, Amazon, Croma Retail, HP and others use the Cashify platform to power their exchange and buyback programs.
Demand for refurbished and unboxed electronics products in the country is rising, driven majorly by buyers from tier II and III cities looking for a good bargain, finds a ShopClues survey. 70 percent of the demand for used or unboxed mobiles, tablets and laptops now come from these smaller cities, such as Hisar and Nashik.