Cashify to invest Rs 20 Cr to expand offline kiosk model to 20 cities


Cashify to invest Rs 20 Cr to expand offline kiosk model to 20 cities

Re-commerce startup Cashify is planning to speculate Rs 20 crore in India to develop its enterprise throughout 20 cities in India by the top of 2019. Main price will go in establishing kiosks and hiring manpower to service folks to promote their outdated smartphones on the spot and get prompt cash.

Cashify is already main the re-commerce house as one of the vital outstanding manufacturers, providing doorstep companies to promote outdated smartphones, the corporate mentioned in a press release. The model has encashed 20 lakh devices until now, disbursed Rs 900 crore in money to sellers and has served greater than 15 lakh glad prospects, it added.

Being the primary model in re-commerce ecosystem in India to start out offline kiosk mannequin, Cashify is now trying to develop its offline presence aggressively throughout completely different geographies. The model has introduced that it has consolidated plans to succeed in out to a complete variety of 20 cities with 75 kiosks by the top of 2019. The model has plans so as to add 250 extra folks to their workforce for his or her offline mannequin, to assist prospects promote used telephones immediately at these kiosks.

Cashify operates its personal chain of kiosks in Delhi, Gurgaon, Noida, Ghaziabad, Mumbai and Bengaluru as of now. It is usually the primary model to introduce the idea of offline kiosks to assist prospects promote their used telephone immediately. Cashify opened their first kiosk in January 2018 and has expanded to Delhi-NCR initially. The model is trying to stir the re-commerce market in India with appreciable offline presence.

Cashify is already providing free pick-up companies to prospects to promote their telephone in 23 cities, which has been majorly contributing to its success in India. The model additionally has been the unique buyback and alternate companions for main smartphone manufacturers like Xiaomi, Vivo, Oppo, Apple, Nokia, OnePlus and so on. It buys used telephones of 24 smartphone manufacturers in India and has been serving to the shoppers to promote telephones immediately with a free pick-up service on the doorstep.

Aseem Goyal, VP – Retail Enlargement, Cashify, mentioned, “Whereas Cashify’s retail mannequin began with a imaginative and prescient to assist prospects to promote their outdated smartphones on the spot. However our offline ambition, in truth, is to go far past simply serving to smartphone customers to promote their outdated telephones. Shopping for again smartphone is what we’re well-known for, however we have now a a lot larger pool of companies, which we’re wanting ahead to supply to our prospects by chain of kiosks.”

He additional added, “We needed to make sure that the service must be out there simply to prospects within the type of kiosks at key metropolis factors. Retail channel can also be getting used to speak the significance of promoting outdated handsets mendacity unused with buyer and we have now seen enchancment in adoption of our companies for that. We’re additionally wanting ahead so as to add a pool of companies beneath model Cashify. ScreenPro, the moment display screen restore service is considered one of them, providing high quality smartphone equipment to prospects is one other. With offline kiosks we need to guarantee whether or not any individual likes to promote an outdated telephone, get their damaged display screen repaired or simply need to purchase equipment, they will get all of it on the Cashify kiosks.”

In final one yr, Cashify has seen large progress and has additionally raised $12 million in a sequence C spherical of funding. The funding spherical was led by CDH Investments and MorningSide Group, with Chinese language re-commerce large AiHuiShou collaborating as a key strategic investor. Cashify has additionally been ranked because the third quickest rising tech startup within the Indian market by Deloitte of their Tech quick 50 India report, which lists the quickest rising tech startups within the nation.

The publish Cashify to invest Rs 20 Cr to expand offline kiosk model to 20 cities appeared first on My Mobile.

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