Cashify is a new service that was launched in India, where you can buy gadgets with your spare change. They take care of the logistics for you and make it easy to get what you want! This is a post about Cashify, which has been gaining popularity in India as an innovative way to purchase gadgets. We’ve seen how this company has helped people who wanted to purchase their dream gadget but didn’t have much money available.
In this post, we’ll be discussing how Cashify works and why so many people are interested in signing up already!
Manak Waste Management Pvt Ltd owns the trademark Cashify. It allows consumers to trade, buy, and mend their electronic devices. It’s a web-based marketplace. For electrical devices such as cellphones, computers, tablets, televisions, game consoles, and so on. It’s an online re-commerce platform based in India. The firm believes in providing a hassle-free service to its clients. According to the latest reports on August 10, 2021, Cashify has signed Rajkummar Rao to a multi-year deal.
According to the agreement, the well-known actor will promote Cashify products and services across a variety of digital channels. He will also assist in the expansion of the client base by participating in the campaigns of other businesses. Rajkummar Rao is the company’s first brand ambassador. According to Cashify, the major reason for hiring Rajkummar is that his demeanor fits the company’s ideology.
Additionally, this partnership will aid in the development of the brand’s ethos, which includes dependability, responsiveness, approachability, and a dynamic personality.
Cashify’s Background and History as a Startup
ReGlobe was the name of the firm. The firm was in charge of e-waste disposal. It shifted into the e-commerce business. Venture investors have invested in the firm. Bessemer Venture Partners, India’s Blume Ventures, and Mauritius’ M&S Partners are the three firms. In the year 2015, the firm raised $1 million in funding. The company’s CEO and co-founder, Mukul Sachdeva has vast experience in the e-commerce business as he was the former Vice President of Flipkart India.
The other co-founders have extensive experience too with their previous ventures like Raincoat (acquired by Zappos), Fashionista (acquired by Groupon), or Tixylix (acquired by Quikr). Cashify is an Indian online store that focuses on selling branded gadgets and electronics while also offering used electronic products for sale from its eBay page. It sells items such as mobile phones, laptops, tablets, gaming consoles, headphones, and digital cameras.
It also sells items like gaming accessories, computer keyboards, or speakers. etc., Cashify has more than 400 brands to offer including Apple Inc., Samsung, Sony, Lenovo, Microsoft.
Founders and Team of Cashify
The firm Cashify was founded by Mandeep Manocha (CEO), Amit Sethi (CTO), and Nakul Kumar (COO).
He is the current CEO and founder of the firm. He has been working here since the beginning. He formerly worked at ZazzyBox as a co-founder and Director of Business Relations. He was also a director and co-founder of Manak Waste Management Pvt Ltd. He began his career at Lehman Brothers as an intern in the Investment Banking Division. He received his education from Delhi Public School in Faridabad, India. He graduated from Punjab University with a bachelor’s degree in Chemical Engineering.
He is the CTO and co-founder of Cashify. Indus Valley Partners was where he began his career as a Software Engineer.
He is the COO and co-founder of Cashify.
Business Model for Cashify
The company operates on a C2B model. Its imperative approach aids the firm in determining the device’s worth. For many individuals, purchasing the latest versions is a challenge. And this is where selling outdated devices may assist with the purchase of fresh ones. It’s never simple to sell a used device in India. The industry is disorganized in this area. I’m looking for a buyer.
Cashify – Revenue Model
The company’s revenue model is fairly basic. Cashify acquires outdated smartphones, contributes to them, and then resells them at a profit. Around 100,000 transactions take occur each month, according to the firm. The data must be filled out online by the sellers. After then, cashify sends a representative to the seller’s home. He or she double-checks the gadget. Cashify made over Rs 1 billion in revenue in 2017-18, and it expects that figure to rise in 2018-19. In the year 2018, the firm raised $12 million from used cellphones on June 28th.
Cashify – Expansion
As I previously stated, the firm promises to process 100,000 cell phones every month. However, the goal is to increase the number of people by 200,000 by the end of the year. According to the firm, India’s used smartphone industry will see 90 million phones sold every year. By the end of the year, the figure will have surpassed 120 million. There are many different companies that have been in the market for years. There is a need to offer something more than just cash when people buy their old used smartphones and gadgets.
The company has come up with some excellent offers which can be seen on its website as well. One such offer is a trade-in where you get credit towards your purchase of a new smartphone or gadget if you provide an old one that still works fine, but is no longer needed by you anymore.
Cashify – Competitors
- Gazelle, usell.com, InstaCash, and Yaantra are the company’s main rivals.
- Gazelle is an online marketplace for reselling electrical devices.
- uSell.com is an online marketplace for selling outdated phones and electrical devices.
- InstaCash is a platform that allows you to get quick cash in under 60 seconds. When old phones are sold, this happens.
- Yaantra is a physical location that provides low-cost mobile phone repair solutions. Customers and retailers alike will benefit. Here, all brands are fixed.
Cashify – Future Plans
The firm intends to recycle mobile phones. The recycling of mobile phones has already begun. The objective was to allow phone users to dispose of their outdated phones in a responsible manner. In today’s world, the most commonly used word is “smartphone.” The subject of e-waste was given a lot of thought by the firm. With every new mobile phone sold and shipped, it continues to do so. On this collaboration, Mandeep Manocha, CEO and Cofounder of Cashify remarked, “His story is an inspiration to the ‘aam admin (common man) of India and resonates with the spirit of our brand.”