Cashify, a leading platform for selling and buying used mobile phones and other electronic gadgets, has witnessed a significant increase in revenue. According to financial statements filed with the Registrar of Companies (RoC), the company’s revenue from operations rose by an impressive 63.9 percent to Rs 816 crore in the financial year 2023, compared to Rs 498 crore in the previous year.
A whopping 93 percent of Cashify’s total operating revenue came from the sale of used mobile phones and other electronic devices. This segment saw a remarkable growth of 63.9 percent, reaching Rs 762 crore in FY23 from Rs 465 crore in FY22.
In June of last year, Cashify successfully secured over $90 million in its Series E funding from investors such as NewQuest Capital Partners and Prosus. This funding round also saw participation from existing investors Bessemer, Blume Ventures, and Olympus Capital, as well as new investor Paramark Ventures.
Mandeep Manocha, Founder and CEO of Cashify, expressed excitement about the company’s growth and its commitment to providing enhanced services to customers in India. He emphasized Cashify’s broader goal of integrating the circular economy.
Besides its core smartphone buyback business, Cashify has positioned itself as a smartphone-centric brand offering comprehensive mobile care services. These services are conveniently available at users’ doorsteps. The company also collaborates with various offline and online channels, as well as original equipment manufacturers.
Cashify’s remarkable revenue growth and its dedication to meeting customers’ needs reflect its position as a leading player in the used mobile phone market. With its focus on the circular economy and commitment to providing exceptional services, Cashify continues to establish itself as a prominent brand in the industry.
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