Cashify Raises $15 Mn From Olympus Capital
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Online used-phone seller platform Cashify announced on Thursday that funds advised by Olympus Capital Asia are investing $15 million to scale up the mobile phone reuse and recycling sector of India, which is the number two smartphone market globally and continues to grow rapidly. Olympus Capital Asia’s investment will be made through Asia Environmental Partners (AEP), its clean energy and sustainability platform.
The company plans to use the proceeds from this investment to further expanding its footprint in India.
Founded in 2015, the online platform that sells old or used mobile phones for instant cash and offers free home-pickups. It also sells its own brand of refurbished smartphones under the brand Phonepro.
“We are pleased that AEP, one of the most experienced clean energy and sustainability investors in Asia, chose to partner with Cashify. We are looking forward to accelerating our investment in the electronics reuse and recycling sector and thereby enabling OEMs and consumers to materially reduce their carbon footprint,” said Mandeep Manocha, founder, and chief executive officer, Cashify.
With over 2.0 million customers and over 1500 serviceable cities, the platform simplifies the process of managing your devices by helping you with price discovery, cash in hand, and other such features in a streamlined and efficient manner.
“We are excited to be able to participate in the reuse of the electronic device and recycle sector through investing in Cashify, the clear market leader. The management team at Cashify has an excellent track record in building a strong consumer-facing franchise and building relationships with OEMs, e-commerce companies, and electronic product retailers to be present across all touchpoints for the consumer. We look forward to partnering with the company in the next leg of its growth,” added Pankaj Ghai, Managing Director of AEP.
The company also buyback partners for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung, and Dell in India.