Recommerce startup Cashify has raised $15Mn in a series D round from Asia Environmental partners, which is actually the environmental arm of Olympus Capital. The Gurugram based startup had last raised INR 12 Cr from Trifecta Capital in a debt funding round in September last year. Techpluto had exclusively reported about this story.
Cashify plans to use the latest funding for ramping up its offline footprint by adding another 90 stores by mid-2022. The company will aggressively use the franchise model to increase the number of offline stores, which currently stands at 60.
After a brief downturn in the business due to the onslaught of COVID-19 pandemic, the company is once again witnessing a buoyant demand for mobile phones. Cashify’s co-founder and CEO Mandeep Manocha has claimed that in the post-lockdown scenario the phone sales are growing at 7-8% on monthly basis. He further stated that the company is planning to become profitable in the next six months.
While Cashify will continue to pour capital in its flagship business of online reselling, the company will also leverage the latest funding round for investing in its rapidly growing SaaS business.
The company has serious plans to make its SaaS business into truly a global business, with the company claiming that its SaaS offering has so far incurred strong interest from regions like the Middle East, Russia, and Latin America.
The company claims that its SaaS business will play a critical role in its long-drawn quest to achieve profitability.
Founded in 2015, over the years Cashify has emerged as one of the strong players in the re-commerce space. The startup provides refurbished products across all the categories but smart phones account for nearly 90% of its business. The company competes with other reseller players like Atterobay, Togofogo and Budli.