Cashify, widely recognized as the “used mobile company of India,” has achieved a significant milestone by selling 100 Crore refurbished phones. In the fiscal year 2023, the company witnessed an impressive 65% increase in revenue, reaching 816 crores, compared to the preceding fiscal year. Embracing the principle that “somebody’s waste is someone else’s resource,” the co-founders Mandeep Manocha, Nakul Kumar, and Amit Sethi, along with their dedicated team, have excelled in their endeavors since the company’s inception in 2013.
A Quick Dive Into The Cashify Story:
So, it was 2009, as everyone knows the middle of the global financial crisis, and many people were jobless as the trio founders. Undaunted by the circumstances, they collectively conceived a plan. Implementing reverse engineering, they established “ReGlobe”, a consultancy firm. This venture aimed to address the challenge of disposing of goods past their expiry date.
Though it was a cash cow for them still they sold it in 2012 thinking about the future profit of the farm. Conducting a simple calculation, they realized that what was initially the first company of its kind in India had rapidly grown to 800 similar factories within just three years. Recognizing the lack of scalability in the future, they made the strategic decision to divest.
Transitioning from their previous venture, the trio embarked on a new journey in 2013. They reimagined and modified their earlier concept, transforming ReGlobe into “Cashify.” This revamped platform was designed to facilitate users in calculating the value of their electronic gadgets and seamlessly selling them.
PC: Cashify
Cashify Benchmarks:
Right from the beginning, the company has been surpassing benchmarks. The founders and the team have been offering reliable services. They are aiming to create a world where tech is affordable and sustainable. Along the journey, the company has achieved notable successes, showcasing its commitment to innovation and customer satisfaction.
| Year | Benchmarks |
| 2013 | Elevating its status, the company secured partnerships with several original equipment manufacturers. Notable collaborators include industry giants such as Apple, Amazon, eBay, Samsung, OnePlus, and others, solidifying its position in the market. |
| 2016 | In a significant milestone, the company successfully secured funding from reputable investors, further propelling its growth trajectory. The backing came from prominent venture capital firms, namely Bessemer Venture Partners and Blume Ventures, affirming its potential in the market. |
| 2017 | Building on its momentum, the company achieved a significant milestone by securing Series A funding. This round was led by Shunwei Capital, with continued support from existing investors Bessemer Venture Partners and Blume Ventures. |
| 2018 | Marking a substantial financial achievement, the company secured a funding round of $12 million. This investment was spearheaded by the Chinese private equity firm CDH Investments and Morningside Venture, with strategic involvement from AiHuiShou. |
| 2019 | Taking a bold step into the physical retail space, the company successfully launched its inaugural brick-and-mortar store in Faridabad. By venturing into a physical storefront, the company aims to enhance its presence and cater to a broader audience. |
| 2020 | In response to the shift towards online education, the company initiated the “Donate for Education” campaign. Through this thoughtful drive, Cashify contributed to the community by donating free refurbished mobile phones. This initiative aimed to support children attending online classes. |
| 2021 | In a significant financial stride, the company successfully raised $15 million in Series D funding. The funding round was led by Asia Environmental Partners, the clean energy and sustainability arm of New York-based Olympus Capital Asia. |
| 2022 | March marked a milestone for Cashify as it celebrated the inauguration of its 100th offline store. Simultaneously, the company achieved another significant feat by securing $90 million in Series E funding. This substantial investment was led by NewQuest Capital Partners and Prosus. |
Now boasting a network of over 200 stores in more than 70 cities across India, the company has marked a significant achievement. This widespread expansion distinctly highlights Cashify’s success in the Indian market, establishing itself as a notable presence in the tech retail sector.
Business And Revenue Model:
Cashify operates on a C2B business model. It determines device value through an objective-based approach. The revenue model is straightforward: buy old phones, enhance value, and sell at a margin. The company processes about 100,000 transactions monthly. Sellers provide device details online. A Cashify representative then visits the seller’s house, assesses the device, and pays cash on the spot. Most of Cashify’s revenue comes from smartphones, with the remainder from laptops.
Cashify Financials:
As Cashify hits an operating revenue of 816 crore, its total expenses also rise from the previous financial year. With total expenses reaching 973 crore, this results in a loss of 148 crore, marking an increase from the 99 crore loss in FY 22.
EBITDA:
The company’s financial performance in FY23 showed a slight improvement compared to FY22. The EBITDA Margin saw a minor decrease from -18% to -17%. Similarly, more effective cost control was evidenced by the drop in expense per Rs of operating revenue from Rs 1.21 to Rs 1.19. Although still negative at -41% in FY23, the Return on Capital Employed (ROCE) improved from a significantly higher -181% in FY22. Overall, these figures indicate a slight but encouraging change in the company’s financial landscape between the two fiscal years.
Services:
Sell Your Old Device:
Users can easily sell their old smartphones, tablets, laptops, and other gadgets through Cashify’s platform. This service offers a hassle-free way to get rid of old devices and earn cash in return.
Buy Refurbished Devices:
Cashify offers a range of refurbished smartphones, tablets, and laptops for purchase at a decreased price. These devices undergo thorough testing and refurbishment to ensure quality and reliability, providing users with cost-effective options for upgrading their gadgets.
Repair Services:
Cashify also offers repair services for smartphones and laptops. Users can get their devices repaired for issues such as screen damage, battery replacement, software problems, and more. This service aims to provide convenient and reliable solutions for device repair needs.
Partnership:
So, what is a Cashify partnership?.. The answer is very simple. The Partner acts as a mediator or third party between customers or sellers and Cashify. The partner may be an individual or a corporate sector who is looking to trade in a second-hand business.
Once the Partner aligns with Cashify’s business model, they procure second-hand mobiles or other gadgets from Cashify. At the core of its business is a marketplace connecting customers selling old devices with partners seeking second-hand ones. Cashify handles device supply and logistics. Through the bulk model, partners can collectively purchase devices from diverse sources efficiently.
Refer and Earn:
The service can be completed in three simple steps. Firstly, log in to Cashify’s website where you’ll receive a unique referral code. Next, share this code with your contacts by WhatsApp, Facebook, or any Social chat group. As a reward, both you and your friend earn points equivalent to real money. Additionally, by inviting friends, you can earn Rs.100 when they sell a phone on Cashify, with your friend also receiving Rs.100 extra. However, the minimum transaction value should be Rs.1500.
Super Sell Partner:
The Supersale Partnership program enables super sellers and small business personnel nationwide to register through the Supersell Cashify app. Registration entails providing a user ID, GST number, and necessary documentation. Once registered, super sellers can purchase second-hand phones and accessories at a low price and resell them locally at a slightly higher price for profit. They also get various facilities like warranty and repair services on devices. The platform offers small business personnel the opportunity to become supersellers for just 5000 rupees, empowering them to start their entrepreneurial journey.
In addition to the aforementioned services, the platform offers warranty services and various means of customer support. Customers can contact Cashify employees through chats or audio calls for assistance. Furthermore, they can stay updated on new offers and explore career options if they are looking for a job, among other features provided by the platform.
Conclusion:
In conclusion, Cashify has emerged as a leading player in the tech retail landscape, leveraging innovative business models and strategic partnerships to drive growth. With a customer-centric approach and a wide array of services, Cashify continues to adapt to the evolving needs of its users. From facilitating seamless device transactions to offering warranty services and career opportunities, Cashify remains committed to providing value to both its customers and partners. As it expands its reach and enhances its offerings, Cashify stands poised to shape the future of the technology resale market.
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