Re-commerce platform Cashify raises $90 mn, to build technology infra

Re-commerce marketplace Casify on Thursday said it has secured $90 million in its Series E funding from NewQuest Capital Partners and Prosus.

The new funds will be utilised towards strengthening the team, building technology infrastructure and enhancing marketing efforts on branding, the company said in a statement.

Existing investors Bessemer, Blume Ventures and Olympus Capital invested in this round, with participation from new investor, Paramark Ventures.

"We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy," said Mandeep Manocha, Founder and CEO of Cashify.

Apart from smartphone buyback, Cashify has become a smartphone-centric brand with comprehensive mobile care at users' doorsteps.

Cashify has more than 40 lakh customers and is a buyback partner for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung and Dell in India.

"While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach," said Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest.