Recommerce startup InstaCash has secured undisclosed funding from Singapore headquartered recommerce company CompAsia. CompAsia sells quality refurbished smartphones and tablets in Singapore and other Asian countries.
InstaCash will use the funds to consolidate its presence in India and lucrative foreign markets such as Southeast Asia and East Asia. The Jaipur based company enables consumers to sell their second hand smartphones through its online platform and app. The company has put in place systemic method to assess the quality and correct prices of smartphones.
CompAsia said in a statement that investment in InstaCash will help the Singapore based company in gaining footprint in India’s smartphone market, which is the second largest smartphone market in the world.
InstaCash was founded in 2017 and is the brainchild of young entrepreneur Prateek Goel, who already has a past experience in running a recommerce company. He had founded ZeroWaste, an on-demand recommerce platform for electronic goods.
India’s recommerce industry has a huge potential to grow
While India’s e-commerce industry continues to hog limelight, the recommerce industry rarely dominates the media space. However, merely cursory glance into India’s recommerce industry is sufficient enough to convey the mammoth potential of this industry.
India’s refurbished market, like rest of the global markets, is usually dominated by smartphones and tablets. According to Deloitte India report, the Indian used smartphone market is expected to touch $4 Bn in next two years. The report further claimed that the second hand smartphone market is growing at a CAGR of nearly 32 percent and is expected to sell almost 46 Mn units by 2020.
Today these attractive numbers are pushing several players like GreenDust, Overcart and Cashify to seize a bigger market share. Cashify was recently in news for raising $12 million (Rs 82.19 crore) from Chinese investment firm.
Popular online classified players like OLX and Quikr are also vying for a sizeable share in the recommerce market.
