Online used-device seller Cashify has raised Rs 53 crore from e-commerce major Amazon and existing investor Blume Ventures.
In the latest funding, which appears to be a part of its ongoing Series E round announced in June 2022, Amazon, via Amazon.com NV Investment Holdings LLC, and Blume Ventures invested Rs 39.5 crore and Rs 13.5 crore, respectively.
Post this deal, Amazon will own a 2.12% stake in Cashify, according to the company’s filing with the commerce affairs ministry. The company issued 1,634 Series E preference shares to Amazon.
News portal Entrackr reported the development first.
Cashify, which is run by Manak Waste Management Pvt. Ltd had earlier announced raising $90 million in its Series E round led by new investors NewQuest Capital Partners and Prosus. It was initially looking to raise around $50 million in this round which also got backing from another new investor Paramark Ventures and existing backers Bessemer, Blume Ventures and Olympus Capital.
Queries sent to Cashify remained unanswered till the time of publishing.
Founded in 2013 by Mandeep Manocha, Nakul Kumar and Amit Sethi, Cashify is a reseller of consumer electronic devices such as smartphones, laptops, tablets and more.
The company is aiming to achieve breakeven over the next 18 months before considering a potential public listing.
Cashify’s operations primarily fall under three categories: sourcing, refurbishing and selling. The startup sources pre-owned devices, primarily smartphones, from individuals.
For making the procurement process easy and simple as well as rewarding for sellers, it has tied up with large format retail chains and e-commerce platforms to offer exchange programmes for the purchase of new devices. Cashify has an in-house facility to refurbish the devices that it sells to users with a six-month warranty.
“We will continue to grow all three portions of the business. There are no new bets we are going to take now,” Manocha had said during fundraise announcement.
In the device reselling space, Shopify pits against the likes of Flipkart-owned Yaantra, InstaCash, and Greendust, among others.