Founded in 2009 by Mandeep Manocha, Nakul Kumar, and Amit Sethi, Cashify has become a leading recommerce platform in India. Initially launched as ReGlobe, the company has transformed the way people buy, sell, and repair electronic devices, including mobile phones, tablets, laptops, and more. Headquartered in Gurgaon, Cashify operates both online and through a rapidly expanding network of offline stores.
Core Services Offered
Cashify offers a range of services that cater to customers looking to sell old devices, purchase refurbished electronics, or repair damaged gadgets. Here’s an overview of its main services:
1. Selling Used Devices
Cashify provides a user-friendly platform where customers can sell their old electronic devices with ease. By leveraging AI-driven price calculators, the platform determines a fair market value based on the device’s condition, age, and warranty. This ensures a transparent and hassle-free selling experience.
2. Buying Refurbished Devices
Under its retail brand, PhonePro, Cashify sells refurbished smartphones and other gadgets. These devices undergo rigorous quality checks, including a 32-point evaluation process, to ensure optimal performance. Buyers are provided with a six-month warranty, a 15-day return policy, and financing options such as no-cost EMI. This makes refurbished devices a budget-friendly alternative to purchasing new gadgets.
3. Device Repairs
Cashify also offers professional repair services for electronic devices. Skilled technicians fix a range of issues, from cracked screens to software malfunctions, using genuine spare parts. Repairs come with a six-month warranty and perks such as free screen replacements for a limited period.
Offline Store Network
To strengthen its physical presence, Cashify launched its first offline store in Faridabad, Haryana, in 2019. Since then, the company has expanded to more than 103 offline stores across major Indian cities, including Delhi, Mumbai, Bangalore, and Patna. These stores allow customers to experience Cashify’s services firsthand, offering a more personalized touch compared to its online platform.
Bangalore Stores
Cashify has a robust presence in Bangalore, with several stores located across the city:
- HSR Layout: Offers buying, selling, and repair services.
- Katriguppe: Provides a range of mobile services, including device repairs.
- Thippasandra: Specializes in refurbished devices and repair services.
- Marathahalli: Focuses on mobile buying and selling.
- Koramangala: Caters to all services, including repair and refurbishment.
These stores are strategically located to make it convenient for customers to access Cashify’s services.
Technological Innovation
Cashify integrates advanced technology to enhance its services. The AI-powered price calculator ensures customers receive accurate and fair valuations for their devices. Additionally, its website and mobile app streamline processes like device evaluation, doorstep pick-up scheduling, and transaction management, offering a seamless user experience.
Financial Growth
Cashify has seen significant growth in its financial performance. In FY 2023, the company’s revenue surged by 64% to ₹816 crore, compared to ₹497.7 crore in FY22. However, with its aggressive expansion strategy, net losses also increased to ₹147.9 crore from ₹99 crore in the previous fiscal year. This reflects the company’s investments in scaling its operations and improving technology.
Social Initiatives
In addition to its business operations, Cashify has undertaken impactful social initiatives. In June 2020, during the COVID-19 pandemic, it launched the ‘Donate for Education’ campaign. This initiative aimed to bridge the digital divide by providing refurbished smartphones to underprivileged students, enabling them to continue their education online.
Marketing and Brand Ambassadors
To enhance its brand visibility, Cashify has roped in popular Bollywood and South Indian actors as brand ambassadors:
- Rajkummar Rao: Appointed in August 2021 to represent the brand nationally.
- Rashmika Mandanna: Onboarded in February 2022 to strengthen its presence in South Indian markets.
Their association has helped Cashify connect with a wider audience and establish itself as a trustworthy platform.
Customer-Centric Approach
Cashify has built a strong reputation for reliability and customer satisfaction. Over 30 million users have downloaded its app, reflecting its widespread appeal. The company’s stringent quality checks, warranties, and flexible return policies for refurbished devices have earned it the trust of customers.
Conclusion
Cashify is a trailblazer in the Indian recommerce industry, offering comprehensive solutions for selling, purchasing, and repairing electronic devices. With its blend of technological innovation, offline expansion, and customer-centric services, Cashify is well-positioned to dominate the market.
As it continues to expand and refine its services, Cashify remains committed to providing value to its customers while contributing to a sustainable ecosystem through the reuse and recycling of electronic devices.
