Total amount raised
$223.8 Million
Latest funding date
11/1/2023
Location
Cashify has successfully raised funding over 8 rounds, with the latest being a Venture - Series Unknown round. The platform is backed by 15 investors, including NewQuest Capital Partners and Prosus.
Keep reading to explore the intricacies of Cashify's fundraising journey and the investors backing this innovative platform.
What Is Cashify?
Cashify, founded in 2015, is a prominent player in the e-commerce industry, specifically focusing on the resale, refurbishment, and repair of electronic gadgets. The company is headquartered in Gurgaon, Haryana, India, and operates both online and through multiple offline stores across the country.
Founded by Mandeep Manocha, Amit Sethi, and Nakul Kumar, Cashify has grown to employ between 501-1000 people. The platform offers a seamless experience for users looking to sell their old gadgets, buy refurbished ones, or get their devices repaired, ensuring convenience and customer satisfaction.
How Much Funding Has Cashify Raised?
- Seed Round
- Amount Raised: USD 1,000,000
- Date: April 2015
- Lead Investors: Bessemer Venture Partners, Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and establish a foothold in the recommerce market.
- Series A
- Amount Raised: Not publicly disclosed
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance technological capabilities.
- Debt Financing
- Amount Raised: USD 1,000,000
- Date: February 2018
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and operational expenses.
- Series C
- Amount Raised: USD 12,000,000
- Date: June 2018
- Lead Investors: CDH Investments, Morningside
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand into new markets.
- Series D
- Amount Raised: USD 15,000,000
- Date: March 2021
- Lead Investors: Olympus Capital Holdings Asia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service offerings and improve customer experience.
- Series E
- Amount Raised: USD 90,000,000
- Date: June 2022
- Lead Investors: NewQuest Capital Partners, Prosus
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive profitability and support expansion plans.
- Series E (Extended)
- Amount Raised: INR 520,000,000 (approx. USD 6,500,000)
- Date: August 2022
- Lead Investors: Amazon.com NV Investment Holdings, Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further support growth and operational expansion.
- Series Unknown
- Amount Raised: USD 98,000,000
- Date: November 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further growth and innovation in the recommerce space.
Total Amount Raised: USD 223,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- NewQuest Capital Partners
- Details: NewQuest Capital Partners is a private equity firm that specializes in secondary direct transactions in the Asia-Pacific region. The firm was founded in 2011 and has offices in Hong Kong, Beijing, and Singapore.
- Investment Focus Areas: Consumer, healthcare, financial services, technology.
- Notable Investments: Not publicly disclosed.
- Prosus
- Details: Prosus is a global consumer internet group and one of the largest technology investors in the world. It is a subsidiary of Naspers, a multinational consumer internet group.
- Investment Focus Areas: E-commerce, food delivery, fintech, education technology.
- Notable Investments: Tencent, Delivery Hero, PayU.
- Amazon.com NV Investment Holdings
- Details: Amazon.com NV Investment Holdings is a subsidiary of Amazon, the global e-commerce giant headquartered in Seattle, Washington. The subsidiary focuses on strategic investments in various sectors.
- Investment Focus Areas: E-commerce, digital payments, cloud computing.
- Notable Investments: MyGlamm, ToneTag.
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm based in India. It was founded in 2010 and focuses on investing in technology-driven startups.
- Investment Focus Areas: Technology, consumer internet, healthcare, financial services.
- Notable Investments: Not publicly disclosed.
- Olympus Capital Holdings Asia
- Details: Olympus Capital Holdings Asia is a private equity firm that invests in middle-market companies across Asia. The firm was founded in 1997 and has offices in Hong Kong, New Delhi, and Tokyo.
- Investment Focus Areas: Financial services, agribusiness, environmental services, healthcare.
- Notable Investments: Not publicly disclosed.
What's Next for Cashify?
Cashify stands at the cusp of significant growth opportunities, driven by the booming recommerce market for electronic devices. With the used phone market in India projected to reach $10 billion by FY26, Cashify is well-positioned to capitalize on this trend. The company aims to double its monthly GMV from INR 100 crore in the next six months, leveraging partnerships with OEMs like Xiaomi and Samsung.
Future fundraising opportunities appear promising, with potential for further Series E or subsequent funding rounds. Strategic investors like Amazon and venture funds such as Blume Ventures are likely to continue their support, given the market's growth trajectory. However, Cashify will need to navigate challenges such as competition from platforms like Yaantra and Greendust, and maintaining customer trust in refurbished products.
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