Cashify has announced its new e-commerce platform that it will soon launch in India. The new online portal will offer refurbished gadgets where smartphones will be the key focus segment but the company will later introduce other categories like refurbished tablets, laptops and gaming consoles.
Cashify has completed 6 years in the Re-commerce industry and the brand is all set to take another leap, with the launch of its E-commerce platform to sell refurbished gadgets in India. The company has announced the upcoming launch of its accessory brand and will be selling a range of accessories via its e-commerce platform as well as via offline kiosks starting in June 2019. The list of refurbished smartphones brands includes Xiaomi, Apple, OnePlus, Vivo, Oppo, Samsung, and Huawei, with a 6-month warranty.
While Cashify is already working on a distributor and retailer network in India and has been selling refurbished smartphones across the offline segment of the market, this is going to be the brand’s big venture into the second-hand smartphone market. Cashify has established operation centers across 5 cities (Gurgaon, Mumbai, Chennai, Hyderabad and Bengaluru) in India. All the refurbished devices will be thoroughly tested here and certified with 6-month post-purchase warranty.
Apart from that, the brand has also planned to open a chain of exclusive Cashify Stores; the first one will open in Faridabad and will be operational very soon. This store will be Cashify’s one-stop platform for consumers to sell their old smartphones, repair broken/damaged screens, or buy any accessory they want for their smartphones. Cashify has also planned to open 10 more exclusive stores across the country by the end of 2019. As of now, the brand has 23 offline kiosks across 5 cities in India, for customers to sell their old smartphones instantly.
Mr. Mandeep Manocha, Co-Founder & CEO – Cashify said, “In our 6 years of journey in the Indian market, we are glad that we have been able to lead the re-commerce segment and make a mark in the industry. Cashify, as a partner brand, has been able to forge strong partnerships with leading smartphone brands like Xiaomi, Vivo, Apple, OnePlus, Nokia and has delivered outstanding results. We are looking forward to making a strong presence in the re-furbished gadget market, starting off with smartphones as a category and will be adding other dimensions to it in future. With quality product offering and a 6-month service promise, we can’t wait to remove the trust deficit that exists in the refurbished goods market. We want to make this business offering yet another avenue to access quality re-furbished products at most affordable prices. We look forward to making Cashify a more holistic brand for smartphone users.”
Cashify is currently the biggest Re-commerce brand in India and has expanded its business presence in 40 cities to date, from 15 cities till March 2018. Cashify is also an exclusive buyback partner for brands like Apple, Xiaomi, and OnePlus in India. The company has also facilitated buyback and upgrade programs for Nokia, Vivo, and Samsung in India. Currently, the brand has again partnered with OnePlus for an assured buyback and upgrade program for their recently-launched OnePlus 7 series.
Cashify has raised $12 million led by China’s private equity firm CDH Investments and early-stage fund Morningside Ventures along with strategic investor AiHouShou in July 2018. The brand also has Blume Ventures and M&S partners as its investors, and has utilized the funds for growing business in India, expanding the offline reach, and scaling pop-up store services. Cashify has been tapping into AiHouShou’s technology, operational and back-end capabilities to expand its business in the India market and it has been paying off really well for the brand so far.