Business

Cashify to increase its footprint; aims to lead the circular economy trend


Since the COVID-19 pandemic, Cashify — a re-commerce startup for outdated units — has been seeing a requirement surge for used units. While smartphones account for 90 % of the whole demand, the demand for smartwatches can also be gaining traction. 

Cashify operates 100 company-owned storefronts apart from promoting by way of a wide range of third-party retailers. 

In 2022, with a give attention to increasing its established classes, the startup intends to double its retail footprint and strengthen its on-line direct-to-consumer (D2C) presence.  

The Gurugram-based startup goals to cross the Rs 1,000 crore mark by FY23 and has set its sights on the Rs 2,000 crore mark in direction of the tip of FY23.

While experimenting with the franchise mannequin for its retail presence, Cashify determined to facet prominently with shops with full possession, planning to restrict franchise shops to only 10 % of the whole 250 aimed shops by FY23.

In March 2021, Cashify raised $15 million from Asia Environmental Partners. To date, it has raised $40 million.

When requested about competitors, Mandeep Manocha, Co-founder and CEO, Cashify, stated the expertise stack constructed on the liquidation of units is much better than any in the identical section inside their bracket. 

“Globally, we are seeing a lot of traction in the space,” he stated. He added the earlier 5 to 6 months of labor on model improvement has given the startup a substantial edge. 

Mandeep emphasised the significance of the round financial system and its imminent rise within the coming few years. He stated that reusing and recycling is the answer forward, not only for the profitability of the corporate but in addition for the setting.

“I don’t think a lot of people think about recycling or bringing used devices back, so that the life cycle can be extended,” he stated.

Awareness of sustainability by way of round financial system fashions and the appearance of worldwide gamers within the discipline makes it all of the extra necessary to give attention to this section.

Cashify goals to make a sustainable financial system by extending the lives of used units and strives to turn into a worldwide chief within the re-commerce section.



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