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Olympus Capital Invests $15 Million in Cashify

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Online marketplace for used smartphones Cashify has raised $15 million from Asia Environmental Partners (AEP), a renewable energy sector and environment focused fund. AEP is a division of private equity player Olympus Capital. The fresh infusion of funds will be utilized for spearheading growth of its newly launched enterprise SaaS business, expansion of its offline retail segment besides hiring, and investments into branding.

Based in New Delhi, Cashify refurbishes electronic devices such as smartphones, laptops, desktops, tablets, and gaming consoles. Currently smartphones account for 90 percent of its business and the startup aims to increase the share of other categories to 15 percent this year.

Mandeep Manocha, Founder and CEO, Cashify, said, “The refurbished gadget segment is still a very touch and feel market where there is still a trust deficit. We will build on our O2O footprint over the next four to six quarters.”

He also said that the firm had touched its pre-COVID-19 levels in September last year. The business expects to record around 100 percent growth in 2021 and aims to be profitable in the next four quarters.

Speaking on the investment, Pankaj Ghai, Managing Director of AEP, said, “The management team at Cashify has an excellent track record in building a strong consumer-facing franchise, and building relationships with OEMs, ecommerce companies, and electronic product retailers to be present across all touchpoints for the consumer.”