Cashify - Start Dreaming About Gadget Filled Future

Purbalee Dutta Purbalee Dutta
Feb 12, 2021 7 min read
Cashify - Start Dreaming About Gadget Filled Future

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Cashify.

Watch! IPhone has launched a new model. It is IPhone 11. Now in the entire world, iPhone lovers will be running here and there. Shop to shop to buy the latest models. Did you ever think, what to do with the iphone x, that is lying back in your home? It might be any other model as well. Of any other company.

Cashify is a platform that helps you to sell your electronic gadgets like phones, tablets and laptops. The price will depend on the present condition of the gadget. The customers are having outstanding experience here. Read the Cashify success story below to know more interesting facts.

Let's go through the Cashify Company Profile & get a glance on Cashify Business Model, Revenue, Funding, How Cashify works, Competitors and more...

Cashify - Company Highlights

Company Name Cashify
Headquarters Gurgaon, Haryana, India
Sector E-commerce
Founders Amit Sethi, Mandeep Manocha and Nakul Kumar
Founded 2013
Total Funding $13 Million
Parent Organization Manak Waste Management Pvt. Ltd.
Website cashify.in

Cashify - About
Cashify - Startup Story And History
Cashify - Founders And Team
Cashify - Business Model
Cashify - Revenue Model
Cashify - Tagline, Slogan And Logo
Cashify - Funding And Investors
Cashify - Growth
Cashify - Competitors
Cashify - Future Plans
Cashify - FAQs

Cashify - About

Cashify is a trademark of Manak Waste Management Pvt Ltd. It enables the customers to sell, buy and repair their gadgets. It's an online marketplace. For electronic gadgets like mobiles, laptops, tablets, TV sets, gaming consoles etc. It's an Indian online re-commerce platform. The company believes in offering a complete solution to its customers hassle-free.

Cashify has roped in Rajkummar Rao, who has signed a multi-year contract with the brand as per the updates on August 10, 2021. The celebrated actor, as per the deal, would be involved in the promotion of Cashify products and services on a range of different digital platforms. Furthermore, he will also be joining in with the campaigns of the other startups and help in the growth of the customer base of Cashify.

Rajkummar Rao is the first brand ambassador of the company. The main reason for signing in Rajkummar, according to Cashify, is that his personality matches the philosophy of the company. Furthermore, this collaboration will also help to establish the brand ethos, which is reliability, responsiveness, approachability, and dynamic personality.

On this collaboration, Mandeep Manocha, CEO and Cofounder of Cashify remarked, "His story is an inspiration to the β€˜aam admin (common man) of India and resonates with the spirit of our brand…”

Cashify - Startup Story And History

The company was known as ReGlobe. The company dealt with e-waste management. It switched itself into the re-commerce sphere. The company is backed by venture capitalists. They are Bessemer Venture Partners, India's Blume Ventures and Mauritius M&S Partners. The company raised a sum of $1 million in the year 2015.


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Cashify - Founders And Team

Mandeep Manocha (CEO), Amit Sethi (CTO) and Nakul Kumar (COO) are the founders of the company Cashify.

Cashify Founders
Mandeep Manocha (CEO), Amit Sethi (CTO) and Nakul Kumar (COO)

Mandeep Manocha

He is the present founder and the CEO of the company. He is working here right from the beginning. Before he was the co-founder and Head at Business Relations in ZazzyBox. He was also the co-founder and the director at Manak Waste Management Pvt Ltd. He started his career as an intern in the Investment Banking Division at Lehman Brothers. He completed his schooling from Delhi Public School, Faridabad, India. He pursued his bachelors degree in Chemical Engineering from the Punjab University.

Amit Sethi

He is the co-founder and CTO at Cashify. He started his career as a Software Engineer in Indus Valley Partners.

Nakul Kumar

He is the co-founder and the COO at Cashify.

Cashify - Business Model

The company has got a C2B business model. Its objective-based approach helps the company to determine the value of the device. Buying the latest gadgets is a bit difficult for many people. And this is where the selling of old gadgets might help to buy the newer ones. Selling a second-hand gadget is never easy in India. The sector here is unorganized. Finding a buyer who is ready to pay a fair price is a very daunting task in India. The business model is unique here.


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Cashify - Revenue Model

The company has got a very simple revenue model. Cashify buys old phones, adds value to the products and sells second-hand electronic products at a margin. According to the company, around 100,000 transactions takes place a month. Sellers have to fill up the details online. Then cashify dispatches a representative who comes to the seller's house. He/she checks the device and pays cash for the device that day. Cashify collected revenue over Rs 1 billion during the years 2017-18 and has expected it to increase in 2018-19. The company raised a sum of $12 million from second-hand smartphones in the year 2018, June 28th.

Two different types of taglines are present here. One is India's #1 App to Sell Phones. The other one is #SellingSimplified.

cashify Logo

Cashify - Funding And Investors

Cashify has raised an amount of $13M over the 4 funding rounds.

Date Transaction Name Money Raised Lead Investor
June 28, 2018 Series C $12M CDH Investments, Morningside Group
February 12, 2018 Debt Financing - Trifecta Capital Advisors
July 6, 2017 Series A - -
April 29, 2015 Seed Round $1M -

Cashify has got 8 investors till date -

Bessemer Venture Partners, CDH Investments, Aihuishou, Morningside Group, Shunwei Capital, Trifecta Capital Advisors, M&S Partners & Blume Ventures.

Cashify - Growth

As I have mentioned before the company claims to handle 100,000 smartphones a month. But the plan is to grow this thing into 200,000 by the end of a year. The company estimates that the used smartphone market in India will be witnessing 90 million phones sold a year. And the mark will touch 120 million by this year.


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Cashify - Competitors

The top competitors of the company are Gazelle, usell.com, InstaCash and Yaantra.

  • Gazelle is a platform for buying and selling electronics gadgets.
  • uSell.com is a place where selling of old phones, electronic gadgets is done online.
  • InstaCash is also a platform where instant cash is achieved within 60 seconds. This happens when old phones are sold.
  • Yaantra is a place. It offers affordable mobile phone repairing services. For both customers as well as the retailers. All brands are repaired here.

Cashify - Future Plans

The company is aiming towards recycling mobiles. The project of recycling mobiles has already started. The goal was to allow the phone users to responsibly dispose of the old phone devices. Smartphones are the most used word in today's world. The company paid a lot of attention towards the e-waste problem. And it's still doing so with every new mobile phone sold and shipped.

Cashify - FAQs

How does Cashify make money?

The company has got a very simple revenue model. Cashify buys old phones, adds value to the products and sells second-hand electronic products at a margin.

How much is Cashify funding to date?

Cashify has raised a total of $13 Million over the 4 funding rounds to date.

Who are the competitors of Cashify?

The top competitors of the company are Gazelle, usell.com, InstaCash and Yaantra.

How much is cashify revenue?

Cashify collected revenue over Rs 1 billion during the years 2017-18 and has expected it to increase in 2018-19.

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