Cashify
{{Short description|Indian recommerce company}}
{{Use dmy dates|date=January 2023}}
{{Use Indian English|date=January 2023}}
{{Infobox company
| name = Manak Waste Management Pvt. Ltd.
| logo = Cashify logo.svg
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| trade_name = Cashify
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| former_name = ReGlobe (2009–2013)
| type = Private
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| industry = Recommerce
E-commerce
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| founded = {{Start date and age|2009}}
| founder = Amit Sethi
Mandeep Manocha
Nakul Kumar
Siddhant Dhingra
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| hq_location_city = Gurgaon
| hq_location_country = India
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| area_served = India
| key_people = Mandeep Manocha (CEO)
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| website = {{URL|https://www.cashify.in/|Official website}}
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Cashify (formerly known as ReGlobe) is a recommerce company with headquarters in Gurgaon, India. It was founded in 2009. It operates as an online marketplace where users can sell their used electronic gadgets like mobile phones, tablets, smartwatches, laptops and video game consoles to professional buyers. It also deals in refurbished devices.{{cite news |last1=Agarwal |first1=Ayush |title=Cashify ditches path to profitability as it turns on growth afterburners |url=https://the-ken.com/story/cashify-ditches-profitability-as-it-turns-on-the-growth-afterburners/ |publisher=The Ken |date=20 April 2022}}
History
Cashify was founded in 2009 as ReGlobe by Mandeep Manocha, Nakul Kumar and Amit Sethi.{{cite news |last1=Kumar |first1=Abhishek |title=Recommerce start-up Cashify offers instant cash for your used mobiles |url=https://www.business-standard.com/article/companies/recommerce-start-up-cashify-offers-instant-cash-for-your-used-mobiles-118072900635_1.html |newspaper=Business Standard |date=29 July 2018}} The company operated as ReGlobe from 2009 to 2012. The company had completed their first project with the mobile handset maker Nokia.
In October 2013, the company partnered with Snapdeal to buy back mobiles, tablets and laptops.{{cite news |last1=Bhushan |first1=Kul |title=Snapdeal introduces ReGlobe, a platform to sell used gadgets |url=https://www.digit.in/news/internet/snapdeal-introduces-reglobe-a-platform-to-sell-used-gadgets-17951.html |publisher=Digit |date=9 October 2013}} Later Cashify formed partnerships with various original equipment manufacturers, including Amazon, eBay, Infibeam, Apple Inc., Samsung, OnePlus, Oppo, Xiaomi, Vivo and HP, under which these companies offer buy-back services.{{cite news |last1=Borpuzari |first1=Pranbihanga |title=ReGlobe inks deal with Amazon to buy-back old electronics |url=https://economictimes.indiatimes.com/small-biz/startups/reglobe-inks-deal-with-amazon-to-buy-back-old-electronics/articleshow/47382320.cms?from=mdr |newspaper=The Economic Times |date=22 May 2015}} In April 2019, Cashify partnered with Xiaomi to launch the 'Mi Recycle' feature through its MIUI Security app.{{cite news |last1=Singh |first1=Jagmeet |title=Xiaomi Launches 'Mi Recycle' Feature in MIUI Security App to Let Users Easily Sell Phones |url=https://www.gadgets360.com/mobiles/news/xiaomi-mi-recycle-cashify-miui-security-app-2018024 |publisher=NDTV Gadgets360 |date=4 April 2019}}{{cite news |title=पुराने स्मार्टफोन बेचने पर iPhone 13 दे रही ये वेबसाइट, ऑफर जानकर हो जाएंगे हैरान |url=https://navbharattimes.indiatimes.com/tech/gadgets-news/old-smartphone-sell-on-cashify-with-maximum-discount-offer/articleshow/98090360.cms |work=Navbharat Times |language=hi}}
In July 2019, the company launched its first offline store in Faridabad, Haryana.{{cite news |title=Cashify launches first exclusive offline store in Faridabad |url=https://www.pressreader.com/india/my-mobile/20190715/281908774714097 |publisher=My Mobile |date=15 July 2019}} It opened 60 offline stores across India, including in cities like Delhi, Mumbai, Bangalore, Patna, Kanpur and Ranchi.{{cite news |last1=Singal |first1=Nidhi |title=Cashify to expand presence; plans to have 150 retail stores by 2021-end |url=https://www.businesstoday.in/latest/corporate/story/cashify-to-expand-retail-presence-plans-to-have-150-retail-stores-by-2021-end-298966-2021-06-17 |publisher=Business Today |date=17 June 2021}} As of April 2022, it has 103 offline stores in tier-1 cities.
In June 2020, it raised donations to provide free refurbished mobile phones to non-profit organisations to support children dealing with the online shift of classes through its Donate for Education campaign.{{cite news |title=Cashify unveils 'Donate for Education' to provides refurbished smartphones to students |url=https://www.thehindubusinessline.com/companies/cashify-unveils-donate-for-education-to-provides-refurbished-smartphones-to-students/article31887541.ece |newspaper=The Hindu Business Line |date=22 June 2020}} In August 2021, the company appointed Bollywood actor Rajkummar Rao as its brand ambassador.{{cite news |last1=Tewari |first1=Saumya |title=Cashify appoints Rajkummar Rao as first brand ambassador |url=https://www.livemint.com/companies/news/cashify-appoints-rajkummar-rao-as-first-brand-ambassador-11628577915597.html |publisher=Livemint |date=10 August 2021}} Cashify onboarded Rashmika Mandanna as its brand ambassador to spread brand awareness in the South Indian markets in February 2022.
The company gets 80% of its supply from its direct channels, including its website, which offers doorstep pick-up facilities, and offline stores and kiosks. Cashify also retails refurbished phones under PhonePro, contributing 20% of the company's revenue. The company has 30 million users on its app.{{cite news |last1=Agarwal |first1=Ankit |title=Cashify Elevates Core Members To Scale Up Its Leadership Team |url=https://www.vccircle.com/cashify-elevates-core-members-to-scale-up-its-leadership-team |publisher=VCCircle |date=18 February 2022}} Cashify uses technology to determine a used phone's value based on criteria such as age, condition and warranty coverage.{{cite news |author1=Vedanta |title=Old is gold for used phone seller Cashify |url=https://the-ken.com/story/cashify-used-phones/ |publisher=The Ken |date=19 February 2020}}
= Acquisitions =
In July 2016, the company bought MobiBing, a Bangalore based re-commerce platform operated by Innowhiz Online Services Pvt Ltd.{{cite news |last1=Chopra |first1=Arushi |title=Cashify acquires MobiBing in cash and stock deal |url=https://www.livemint.com/Companies/5gZZLRGIovaSone03zg9gM/Cashify-acquires-MobiBing-in-cash-and-stock-deal.html |publisher=Livemint |date=19 July 2016}} It acquired Teksolvr, a Chandigarh based gadget-repairing company in January 2019.{{cite news |author1=Udit |title=Cashify Acqui-hires Gadget Repairing Startup Teksolvr |url=https://techstory.in/cashify-acqui-hires-gadget-repairing-startup-teksolvr/ |publisher=TechStory |date=7 January 2019}} In July 2021, Cashify acquired UniShop, an omnichannel retail platform, for an undisclosed amount.{{cite news |last1=Shah |first1=Sneha |title=Cashify buys UniShop as it looks to expand both online and offline |url=https://economictimes.indiatimes.com/tech/funding/cashify-buys-unishop-as-it-looks-to-expand-both-online-and-offline/articleshow/84770007.cms |publisher=The Economic Times |date=27 Jul 2021}}
Finances
In April 2015, the company raised funding for an undisclosed amount from Bessemer Venture Partners and Blume Ventures,{{cite news |last1=Dwivedi |first1=Vinay |title=Profit from 'junk' : Re-commerce firm ReGlobe buys electronic products you no longer have use for |url=https://economictimes.indiatimes.com/small-biz/startups/profit-from-junk-re-commerce-firm-reglobe-buys-electronic-products-you-no-longer-have-use-for/articleshow/47653541.cms |publisher=The Economic Times |date=1 December 2015}} followed by its Series A funding for an undisclosed sum led by Shunwei Capital and existing investors Bessemer Venture Partners and Blume Ventures in July 2017.{{cite news |last1=Sharma |first1=Disha |last2=R |first2=Bruhadeeswaran |title=Re-commerce startup Cashify raises Series A round from Chinese VC, others |url=https://www.vccircle.com/exclusive-re-commerce-startup-cashify-raises-series-a-funding-from-chinese-vc-others/ |publisher=VCCircle |date=6 July 2017}} The company received {{INR}}6 crores of venture debt from Trifecta Capital in February 2018.{{cite news |title=Trifecta Capital loans Rs 6 crore of debt to Gurgaon-based Cashify |url=https://www.moneycontrol.com/news/business/startup/trifecta-capital-loans-rs-6-crore-of-debt-to-gurgaon-based-cashify-2506327.html |publisher=Moneycontrol |date=12 February 2018}}
In June 2018, Cashify raised funding of $12 million, led by Chinese private equity firm CDH Investments and Morningside Venture, along with strategic investor AiHuiShou.{{cite news |last1=Ahuja |first1=Aakanksha |title=Cashify raises $12 million from Morningside, CDH, others |url=https://www.livemint.com/Companies/TEFRQab4flZAju6MfgJ3tL/Cashify-raises-12-million-from-Morningside-CDH-others.html |publisher=Livemint |date=28 June 2018}} In March 2021, it secured $15 million in funding for a round Series D led by New York-based Olympus Capital Asia's clean energy and sustainability arm, Asia Environmental Partners.{{cite news |last1=Singh |first1=Manish |title=Cashify raises $15 million for its second-hand smartphone business in India |url=https://techcrunch.com/2021/03/03/cashify-raises-15-million-for-its-second-hand-smartphone-business-in-india/ |publisher=TechCrunch |date=4 March 2021}} Cashify raised $90 million in its Series E funding from NewQuest Capital Partners and Prosus in June 2022.{{cite news |last1=Nariharan |first1=Sindhu |title=Cashify raises $90 million in Series E funding |url=https://timesofindia.indiatimes.com/business/india-business/cashify-raises-90-million-in-series-e-funding/articleshow/92406463.cms |work=The Times of India |date=23 June 2022}} Ecommerce company Amazon invested {{INR}} 39.5 crores through its Amazon.com NV Investment Holdings LLC, while existing investor Blume Ventures invested {{INR}}13.45 crores as a part of the Series E round.{{cite news |last1=Rawat |first1=Aman |title=E-Commerce Giant Amazon Invests In Used-Device Seller Cashify |url=https://www.vccircle.com/ecommerce-giant-amazon-invests-in-used-device-seller-cashify |publisher=VCCircle |date=23 August 2022}}
In Financial Year 2023 Cashify's revenue was RS 815.9 Crore and In FY22 was Rs 497.7 Crore. Net Loss after tax was Rs 147.9 Crore and In FY 22 was Rs 99.0 Crore loss.{{Cite web|url=https://www.thenumbernews.com/post/cashify-s-revenue-grew-by-64-to-rs-816-cr-but-losses-also-spike-to-rs-148-cr|title=Cashify's Revenue grew by 64% to Rs. 816 Cr. but losses also spike to Rs. 148 Cr.|website=www.thenumbernews.com}}
Other
There have been a few reported instances where alleged thieves used the platform to sell robbed phones or electric devices.{{cite news |title=Even the best startup ideas can be laid low by Bengaluru's crooks |url=https://bangaloremirror.indiatimes.com/bangalore/cover-story/even-the-best-startup-ideas-can-be-laid-low-by-bengalurus-crooks/articleshow/69668483.cms |agency=The Times of India |publisher=Bangalore Mirror |date=6 Jun 2019}}{{cite news |title=BBA student, minor held for selling snatched mobiles |url=https://www.thehindu.com/news/cities/Delhi/bba-student-minor-held-for-selling-snatched-mobiles/article32476273.ece |work=The Hindu |date=29 August 2020}} In April 2019, it was reported that Cashify complained about fraudsters and imposters cheating customers of Cashify. However, they were let off with a written apology.{{cite news |last1=Mahadevan |first1=S. |title=Cashify busts fraud involving iPhones, Apple Watches being picked up in its name |url=https://www.thenewsminute.com/article/cashify-busts-fraud-involving-iphones-apple-watches-being-picked-its-name-99466 |publisher=The News Minute |date=4 April 2019}}