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Cashify raises Series C funding of $12M from Chinese investors

Gurgaon based Cashify, which offers a platform for selling used gadgets, has raised Series C funding of $12 Million in a round from a clutch of Chinese investors like CDH Investments, Morningside Ventures and AiHouShou, along with existing investors including Bessemer Ventures, Shunwei Capital, and Trifecta Capital.

According to Livemint report, the company will use the fresh funds to grow its business in India as well as in the international markets like West Asia and South-East Asia. Note that AiHouShou is a recommerce giant in China. The report adds that Cashify will also expand the offline presence of with its pop-up stores. It currently has four such stores in Delhi NCR. It will also expand the mobile-repairing vertical, ScreenPro, that includes services like screen-replacement and enter mobile-screen insurance space in a year’s time.

Launched in 2013, Cashify has partnerships with e-commerce, Original Equipment Manufacturers (OEMs) and offline retailers like Samsung, OnePlus, Amazon, HP. Headquartered in Gurgaon, the Cashify platform offers home pickup service and instant cash for selling gadgets. On its website, it claims to have bought 927 gadgets for a total of Rs 533 crore.

In terms of competition, it competes with the likes of Olx and Quikr. Besides that, there are players like Budli, InstaCash, uCash, Cashonpick etc.

Previous Funding and Acquisition

In February this year, the company raised debt funding of $1 million from Trifecta Capital. Earlier in July 2017, it raised Series A funding of undisclosed amount from a group of investors. In April 2015, the firm received seed funding of $1 million from US-based Bessemer Ventures and Blume Ventures.

In July 2016, Cashify had acqui-hired Bangalore-based MobiBing, online marketplace to buy and sell overstock, refurbished and un-boxed gadgets, in all-stock deal.

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