The funding will help Cashify support its physical expansion across India. Here are the top-line bullets you need to know.
Cashify, a recommerce marketplace, has raised $90M in a Series E. The round drew participation from Bessemer Venture Partners, NewQuest Capital Partners, and Prosus Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- India-based Cashify enables users to buy and sell used electronic devices, including smartphones, tablets, smartwatches, and laptops.
- In addition to its online platform, it also maintains physical locations. The company currently runs 120+ stores across 65 cities in India.
- More than 9M devices have been bought and sold on its platform to date.
- It has established partnerships with top smartphone manufacturers, like Apple, Samsung, and Xiaomi, to support their refurbishment initiatives.
- Cashify generated more than $43M in revenue in FY’21. Smartphones accounted for 90% of its sales.
- The startup is currently supported by a team of 800 employees.
Source: Cashify
WHY DOES THE MARKET MATTER?
- The global refurbished and used mobile phones market is expected to reach a value of $143.8B by 2031, growing at a CAGR of 10.2%, according to Persistence Market Research.
- The market’s growth has been spurred by the rising adoption of consumer devices, the general trend toward recycling e-waste, and the pandemic-induced economic slowdown.
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