Cashify Raises $90 mn in its Series E Funding

Cashify, a re-commerce marketplace, announced on Thursday that it has raised $90 million in Series E funding from NewQuest Capital Partners and Prosus. The new funds will be used to strengthen the team, build technology infrastructure, and improve branding marketing efforts, according to a statement from the company.

This round was led by existing investors Bessemer, Blume Ventures, and Olympus Capital, with participation from a new investor, Paramark Ventures. "We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy," said Mandeep Manocha, Founder and CEO of Cashify.

Cashify has evolved into a smartphone-centric brand, providing comprehensive mobile care at users' doorsteps in addition to smartphone buyback. Cashify has over 40 lakh customers and is an authorized buyback partner for Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung, and Dell in India.

"While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach," said Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest.