Cashify?
Cashify, formerly known as ReGlobe, was founded in 2009 by Mandeep Manocha, Nakul Kumar, and Amit Sethi. The Gurgaon-based company has become one of India’s most trusted platforms for the buying, selling, and repair of electronic gadgets. It operates under a recommerce model, emphasizing sustainability by encouraging the reuse and recycling of electronic devices.
Unique Selling Points
- Ease of Use:
Cashify simplifies the process of selling used electronics by offering:- Instant Price Evaluation: Users can get a device valuation in seconds using the app or website.
- Doorstep Pick-Up: The company picks up devices directly from the seller’s home, eliminating the need to visit a store.
- Instant Payment: Payments are processed immediately after the device is handed over.
- Wide Range of Devices:
Cashify deals in a variety of gadgets, including:- Smartphones
- Tablets
- Laptops
- Smartwatches
- Gaming consoles
- Refurbished Devices:
Through its PhonePro brand, Cashify sells certified, refurbished gadgets at competitive prices. These devices undergo thorough quality checks, ensuring they meet high standards.
Cashify’s Growth Journey
- 2015: Cashify raised funds from Bessemer Venture Partners and Blume Ventures to scale its operations.
- 2018: Secured Series C funding, enabling the company to expand its offline presence.
- 2019: Opened its first offline store in Haryana.
- 2021: Grew its market share significantly with the addition of 50+ offline stores.
- 2022: Expanded to over 103 offline stores across India.
- 2023: Introduced additional services like subscription-based repair and trade-in programs for corporates.
Bangalore Store Locations (Detailed)
- HSR Layout Store
- Address: 647, 27th Main Road, HSR Layout, 1st Sector, Bangalore
- Services: Instant device valuation, repair services, and purchase of refurbished gadgets.
- Timings: 10:00 AM to 9:00 PM
- Katriguppe Store
- Address: No. 246, 3rd Phase, BSK 3rd Stage, Katriguppe, Bangalore
- Services: Comprehensive mobile repair services with a focus on quick delivery.
- Timings: 9:30 AM to 9:30 PM
- Thippasandra Store
- Address: SPR Arcade, New Thippasandra Main Road, Bangalore
- Specialty: Selling certified refurbished devices with flexible payment options.
- Timings: 10:00 AM to 9:00 PM
- Marathahalli Store
- Address: TNR Layout, Marathahalli Main Road, Opp Kalyan Jewellers, Bangalore
- Focus: Trade-in services and refurbished gadget sales.
- Timings: 10:00 AM to 9:00 PM
- Koramangala Store
- Address: 80 Feet Road, near Sony World Signal, Koramangala, Bangalore
- Services: Device repairs, selling used phones, and trade-ins.
- Timings: 10:00 AM to 9:00 PM
How Cashify Works
- For Selling Devices:
- Users log in to the app or website.
- Select their device brand and model.
- Answer questions about the condition of the device.
- Get an instant price quote.
- Schedule a pick-up time, during which payment is processed instantly.
- For Buying Refurbished Devices:
- Browse certified refurbished gadgets on the app or in stores.
- Select from financing options like EMI or cash on delivery.
- Enjoy warranties and return policies for added peace of mind.
- For Repairs:
- Book a repair appointment online or walk into a nearby store.
- Genuine parts and professional service ensure long-lasting repairs.
- Six-month warranties are provided for most repairs.
Key Financial Data
Related Posts
- Revenue Growth: In FY 2023, Cashify’s revenue grew by 64%, reaching ₹816 crore.
- Profitability: While the company reported a net loss of ₹147.9 crore in FY23, this was attributed to aggressive investments in technology and expansion.
- Customer Base: Over 30 million users have interacted with Cashify’s platform.
Cashify and Sustainability
- E-Waste Management:
Cashify plays a critical role in managing India’s growing e-waste problem. By purchasing used devices and refurbishing them, the company ensures gadgets are reused instead of ending up in landfills. - Recycling Initiatives:
Devices that are beyond repair are recycled responsibly, reducing their environmental impact. - Sustainability Awareness:
Cashify conducts awareness campaigns to educate customers about the importance of reusing and recycling electronic gadgets.
Campaigns and Initiatives
- Donate for Education:
In 2020, during the COVID-19 pandemic, Cashify launched a campaign to provide refurbished smartphones to students from underprivileged backgrounds, enabling online learning. - Corporate Trade-In Programs:
Businesses can use Cashify’s corporate trade-in service to upgrade employee devices sustainably while receiving competitive trade-in values.
Challenges and Competitors
Despite its strong presence, Cashify faces competition from other recommerce platforms like Flipkart’s refurbished section, Amazon Renewed, and Quickr. However, its dedicated offline stores and customer-centric policies give it a significant edge.
Why Choose Cashify?
- Transparency: With AI-driven pricing and instant payments, customers trust the platform for fair deals.
- Quality Assurance: Refurbished devices go through strict quality checks, ensuring reliability.
- Convenience: From doorstep pick-ups to flexible payment options, Cashify makes trading and repairing electronics effortless.
- Sustainability: By refurbishing and recycling gadgets, Cashify contributes to reducing e-waste.
Future Plans
Cashify aims to expand its offline footprint to over 200 stores by 2025, focusing on Tier 2 and Tier 3 cities. Additionally, the company is investing heavily in AI to further enhance its price evaluation algorithms and customer service capabilities.
This expanded version includes a deep dive into Cashify’s services, financial performance, sustainability initiatives, and future outlook, making it a comprehensive guide to understanding the company.
