Cashify raises $12 million from a series of Chinese investors
Cashify is a startup that mainly deals with buying and selling used smartphones. The startup has bagged $12 million from a series of Chinese investors. The Series-C round was led by CDH Investments and MorningSide Group, with Chinese recommerce firm AiHuiShou participating as a strategic investor. Existing investors including Bessemer Ventures and Shunwei Capital also took part.
The startup was founded in 2013 by co-founders Mandeep Manocha CEO), Nakul Kumar (COO) and Amit Sethi (CTO) initially as ‘ReGlobe.’
Cashify allows its users to select their device and they will unlock the best selling price based on the present conditions of the gadget & the current market price. They also arrange free pickup and instant cash is handed over to the client at the time of the pickup. The startup also deals in laptop, TV, gaming consoles and other electronic devices.
Cashify is planning to use this funding to expand its operations in India and also enter the international market.
“We will focus on India for at least next 12 months but we have had discussions on markets that would make sense to enter. We are working very closely with one of the Chinese players and figuring out if we can do some business in Hong Kong because that’s the hub for second-hand phones in this part of the world, ” said Mandeep Manocha, CEO of Cashify in an interview to Tech Crunch.