Cashify, a re-commerce marketplace, announced on Thursday that NewQuest Capital Partners and Prosus had invested $90 million in its Series E round of funding.
The company stated in a statement that the new funds will be used to expand the team, build technology infrastructure, and boost branded marketing efforts.
In this round, new investor Paramark Ventures joined existing investors Bessemer, Blume Ventures, and Olympus Capital.
“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.
Cashify has evolved into a smartphone-centric brand that offers comprehensive mobile care at users’ doorsteps in addition to smartphone buyback.
In India, brands including Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung, and Dell all have buyback partnerships with Cashify, which has more than 40 lakh customers.
“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.
