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Cashify has in a Series D funding round raised $15 million from private equity Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners. Including this, the online reseller has raised a total of $40 million so far. The Gurugram-based startup last raised funds in 2018 from Chinese funds CDH Investments, Morningside, and Aihuishou. The bulk of Cashify’s business is trading in old or used mobile phones, but it also makes instant cash payments for laptops and smartwatches.
The company plans to utilize the funds for marketing and expanding its offline footprint by adding around 90 stores to its existing 60 by mid-2022. It plans to do so through a franchise model in the metro as well as Tier-II cities. After a brief slump due to the onset of the Covid-19 pandemic, the company’s phone sales are now growing at a rate of 7-8% month-on-month, co-founder Mandeep Manocha said. Cashify is targeting to become profitable in the next six months, he added.
Selling its enterprise software solution the technology it uses to run its operations to other businesses will be a key component in becoming profitable, he said. Cashify plans to sell its software-as-a-service, or SaaS, offering to companies in Israel, the United States, Sri Lanka, and in the Middle East and Latin America.
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“Our SaaS business is what we are putting a lot of resources and manpower behind,” Manocha told. “We believe that we can earn a lot of revenue, essentially 70-80% gross margin can actually contribute to our profitability to a large extent.” The reselling platform plans to add cameras to its product offerings this month. However, it will steer away from white goods such as televisions and refrigerators and will continue to focus on mobility-driven categories.
