Gadget trade-ins and buybacks platform Cashify raises 90 million dollars

As Cashify seeks to grow its operations in the second- largest smartphone market in the world, the Indian marketplace for gadget trade-ins and buybacks, has generated 90 million dollars in a fresh fundraising round. On Thursday, Cashify announced that it has raised  the aforementioned sum in E financing from NewQuest Capital Partners and Prosus.

The company in its statement stated that the additional cash  will be used to grow the staff, develop technology infrastucture, and improve branded marketing initiatives. This round included contributions from new investor, Paramark Ventures in addition to previous ones including Bessemer, Blume Ventures, and Olympus Capital.

The re-commerce marketplace allows users to sell and buy second hand smartphones, laptops, tablets among other electronics on and through Cashify  platform , which is available online and in physical Cashify  stores and kiosks. The process of buying selling can be completed by the users through accessing Cashify's website or app.

Cashify has evolved into a smartphone-dominant brand that offers extensive mobile maintenance at users' doorstep in addition to smartphone and electronics buyback.

In India, brands including Apple, Xiomi, OnePlus, Vivo, Oppo, HP, Samsung, and Dell, all have buyback partnerships with Cashify, which currently has above 40 lakh clients.