Online reseller Cashify raises around $50 million in its Series E funding round led by Prosus
- ByStartupStory | June 9, 2022
Cashify, a re-commerce platform, has secured $50 million in a Series E round headed by Prosus. In March of last year, the Gurugram-based firm secured $15 million in a Series D fundraising round. Cashify’s board of directors has approved the issuance of 15,772 preference shares at a price of Rs 239,696.4 per share in order to raise Rs 378.05 crore, or roughly $50 million.
Prosus led the round with Rs 231 crore, followed by Rs 77 crore, Rs 46.6 crore, Rs 17.61 crore, and Rs 5.9 crore from NewQuest, Paramark, AEP Holdings, and Bessemer, respectively. In this Series-E financing, Cashify was valued at just over $250 million. Since its establishment in 2013, the firm has raised $90 million.
Customers may use Cashify to sell and purchase used electrical devices, mostly cellphones and computers. Aside from purchasing directly from customers, the firm collaborates with a number of retail and online channels, as well as OEMs like Xiaomi, OnePlus, and Samsung, on exchange programmes.
With 500 service locations and 40 offline outlets, the company has a strong physical presence. Greendust and Yaantra are two of the company’s competitors. It’s worth remembering that Flipkart purchased Yaantra in January for $40 million.
Following the latest financing, Olympus now owns 14.57% of Cashify, while Prosus and Shunwei own 11.85% and 10.04%, respectively. Nakul Kumar and Mandeep Manocha, the firm’s co-founders, each own 7.09% of the company, while Amit Sethi, the third co-founder, owns 3.31%. Cashify’s operational revenue fell slightly to Rs 340.4 crore in the fiscal year ended March 31, 2021, from Rs 345.3 crore the previous year. However, the firm was able to keep its losses under control, dropping from Rs 46.2 crore in FY20 to Rs 35 crore in FY21.
Follow Startup Story
Related Posts
