Singapore-based private equity firm Olympus Capital Asia will invest $15 million (about Rs 110 crore) in Cashify, an online platform for selling used smartphones and other electronics.
The investment will be made through Asia Environmental Partners, the clean energy and sustainability arm of Olympus Capital Asia.
Cashify plans to use the proceeds from this investment for expanding its footprint in India.
Founded in 2015, the platform offers a marketplace to sell old and used electronic gadgets -- primarily smartphones -- for instant cash. It also sells its own brand of refurbished smartphones.
“We are looking forward to accelerating our investment in the electronics reuse and recycling sector, thereby enabling OEMs (original equipment makers) and consumers to materially reduce their carbon footprint,” said Mandeep Manocha, founder and CEO of Cashify.
In June 2018, the platform raised $12 million (Rs 82 crore) in a Series C round led by Chinese alternative asset management firms CDH Investments and Morningside Group.
A year before that, it raised a Series A round from new and existing investors, including Shunwei Capital. It hasn't disclosed its Series B round.
New Delhi-based Cashify, which is operated by Manak Waste Management Pvt. Ltd, was founded in 2013 by Manocha, Nakul Kumar and Amit Sethi. The co-founders had previously floated beauty and lifestyle products startup ZazzyBox.
Other players in the re-commerce space include Overcart and GreenDust. Cashify also indirectly competes with peer-to-peer classifieds ventures such as Quikr and OLX.
Olympus Capital Asia, founded in 1997, has invested more than $2.5 billion on behalf of its funds and co-investors in over 60 companies throughout Asia, including Southeast Asia, India, China, South Korea and Japan.
The firm established Asia Environmental Partners in 2008, which has so far made 20 investments in renewable energy and environmental sectors.