INSUBCONTINENT EXCLUSIVE:
Cashify, a company that buys and sells used smartphones, is the latest India startup to raise capital from Chinese investors after it
The business gives consumers a fast way to sell their existing electronics; it deals mainly in smartphones but also takes laptops, consoles,
shifted from 20 months to 12 months, and now it is doubling down.With Cashify, sellers simply fill out some details online about their
device, then Cashify dispatches a representative who comes to their house to perform diagnostic checks and gives them cash for the device
deviceBeyond its website and app, Cashify gets devices from trade-in programs for Samsung, Xiaomi and Apple in India, as well as e-commerce
companies like Flipkart, Amazon and Paytm Mall.Used device acquired, what happens next is interesting.The startup has built out a network of
offline merchants who specialize in selling used phones
Each phone it acquires is then sold (perhaps after minor refurbishments) to that network, so it might pop up for sale anywhere in India.With
200,000 by the end of this year
site, but the startup is also enlarging its offline merchant network and working to reach more consumers who are actually selling their
will help it with its sourcing of components for the repairs service and general refurbishments.Cashify estimates that the used smartphone
market in India will see 90 million phones sold this year, with as many as 120 million trading by 2020
