Cashify successful operation has helped the company to grow to one of the heights in the market of second hand electronic items. Company has not only grown but also it’s has increased more than 5 times.Company started by only purchasing second hand phones and now covering laptops,tablets,gaming consoles,PCs and many other products.The Co-founder and CEO of Cashify,Mandeep Manocha has won the season 3 of Lufthansa Runway to success which recognises the work done by startups.Cashify believes that one man’s trash is another man’s treasure.Cashify’s success could also be associated with the first company to adopt or observe end of products lifecycle which no other company has recognised.Learning from experienced people is what gives you an upper edge from others and this is what the the CEO of Cashify has claimed to be practicing.
The customer based approach of Cashify has helped it to gather a large market share by providing door-step services and highest prices for second hand product.
Another’s good reason behind the increasing revenue of Cashify is that India has turned out to be the third largest smartphone market in the world. So more the people use smartphone,the more will they buy and the more would they sell there old devices which would at last benefit companies like Cashify.
Not only Lufthansa but also other Chinese companies like CDH INVESTMENTS,
Morningside and Aihuishou,which is similar startup that deals with second hand products.In the current period Cashify has a total of $19 million as it’s capital.Cashify has also raised money from Bessemer Ventures and Blume Ventures. This makes clear that even the investors have positive image for Cashify which are some evident aspects for their growth and development.
And many companies have joined there success such as the tech giant Apple has partnered with Cashify so as to increase the sales of iPhones in India, where the company purchases the old iPhones from customers and provide new iPhones as a part of the deal.
In the era where people are preferring online transaction rather than offline,Cashify provides an online site as well as an app to let consumers easily choose to sell there old devices where the mobile app can automatically detect any malfunction in the device like ensuring camera,Bluetooth module.These kind of features helps Cashify to use lesser resources and provide better functionality.This would anyhow increase there efficiency.
The startup has tried build a network where offline merchants can help them to sell the products,who particularly specialised in it.All the phones bought by Cashify are then sold after making some minor repairs.Then the network helps the company to sell it anywhere in India.
And with such increasing investment we with the help of some existing employees in the company have got to know a little more i.e. the is planning to open a new platform where the customers can even buy second hand products from there own site.And even some other plans of diversifying there operations in some other countries.
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