Cashify Revenue, Valuation, Funding & Investors
Cashify is valued at $236M as of August 2022, a 6.6x multiple on its last reported $36M revenue.
About Cashify
Cashify is an Indian recommerce platform headquartered in Gurgaon enabling consumers to sell used electronic gadgets for instant cash with free home pickup. Operates 100+ retail stores across India for buying and selling refurbished smartphones laptops and electronics. Focuses on the circular economy for consumer electronics through both online and offline channels.
Founded
2013
HQ
GurgaonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$36M (Aug 2022)
Valuation
$236M (Aug 2022)
Cashify Valuation
Cashify is currently valued at $236M, based on its Series E in August 2022.
The $7M round was led by Amazon, with participation from Blume Ventures.
Cashify's valuation has grown 1.1x from $212M at its Series E in June 2022 to $236M in August 2022, across 2 priced rounds.
Cashify valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2022 | Series E | $236M | 6.6x |
| Jun 2022 | Series E | $212M | - |
Cashify Revenue
Cashify's latest recorded revenue is $36M, as of its Series E in August 2022. At a $236M valuation, that implies a 6.6x revenue multiple.
Cashify revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2022 | $36M | $236M | 6.6x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cashify Funding History
Cashify has raised a total of $222M across 6 funding rounds.
Cashify's first fundraising round was a $1M seed round in April 2015. The most recent completed round was a $98M undisclosed-stage round in November 2023.
Cashify funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Undisclosed stage | Amazon; NewQuest Capital Partners; Prosus | $98M | - | Cashify is a Gurugram-based recommerce platform operating as a marketplace for buying, selling, recycling, refurbishing, and repairing used mobile phones and electronic gadgets. It manages 100 company-owned storefronts alongside third-party retail partnerships. In FY22 (ended March 2022), Cashify reported revenue from operations of Rs 498 crore, up nearly 50% from Rs 333 crore in FY21, with Rs 465 crore from sales of used devices and Rs 33 crore from ancillary services like recycling, refurbishing, and repairs. Losses stood at Rs 99 crore, driven by material costs of Rs 450 crore, employee expenses of Rs 75 crore, and advertising at Rs 39.4 crore. Cashify aimed to exceed Rs 1,000 crore revenue by end of FY23, targeting Rs 2,000 crore thereafter. Later performance showed FY24 revenue at INR 935.1 crore and FY25 at INR 1,095.9 crore (17% growth), with net losses reduced 80% to INR 10.6 crore in FY25, fueled by refurbished electronics sales and repair services. The company continues focusing on operational efficiency amid rising recommerce demand in India. |
| Aug 2022 | Series E | Amazon (lead); Blume Ventures | $7M | $236M | Cashify operates as a re-commerce marketplace for electronic devices including mobile phones and laptops, sourcing, refurbishing, and reselling pre-owned items with partnerships for exchange programs and a six-month warranty. Founded in 2013 by Mandeep Manocha, Nakul Kumar, Amit Sethi, and Siddhant Dhingra, the Gurugram-based company runs under Manak Waste Management Pvt. Ltd. In August 2022, Cashify raised INR 52.9 crore in an extension of its Series E round, issuing 10 equity and 2,195 Series E preference shares at INR 2,39,696 per share. Amazon.com NV Investment Holdings invested INR 39.5 crore for 1,634 shares and 10 equity shares, acquiring a 2.12% stake, while Blume Ventures invested INR 13.45 crore for 561 shares. This followed a $90 million Series E tranche in June 2022 led by NewQuest Capital Partners and Prosus, backed by Paramark Ventures, Bessemer, Blume Ventures, and Olympus Capital. Cashify reported operating revenue of INR 340 crore for the fiscal year ending March 2021 and aims for breakeven within 18 months before a potential public listing. The used phone market in India is projected to reach $10 billion by FY26. |
| Jun 2022 | Series E | NewQuest Capital Partners (lead); Prosus (lead); Olympus Capital Holdings Asia; AEP Holdings; Bessemer Venture Partners; Blume Ventures; Paramark Ventures | $90M | $212M | Cashify is an Indian recommerce platform founded in 2013 by Mandeep Manocha, Nakul Kumar, Amit Sethi, and Siddhant Dhingra, offering an e-commerce marketplace for buying, selling, and repairing used electronic gadgets such as smartphones, laptops, tablets, and gaming consoles. It operates an omnichannel model with a strong online presence via website and app (over 10 million downloads) and approximately 200 offline stores across India as of recent reports, with plans to expand to 400. The company has served over 14 million customers, bought over 5 million devices, sold over 4 million items, and paid more than Rs 1,400 crore to customers for old gadgets. In August 2022, Cashify raised approximately $90 million in a funding round led by NewQuest Capital Partners and Prosus, with participation from AEP Holdings, Bessemer Venture Partners, Blume Ventures, Olympus Capital Holdings Asia, and Paramark Ventures. As of September 2022, shortly after the round, the company's post-money valuation stood at Rs 1,980 crore (about $250 million). This valued the business amid rapid scaling in the recommerce sector. Financial traction around the period showed robust growth: FY22 revenue from operations was Rs 498 crore, surging 64-65% YoY to approximately Rs 816-817 crore in FY23, with FY24 reaching Rs 935 crore and projections for Rs 1,200 crore. The company processed high volumes, including reports of 150,000 devices sold monthly. Despite prioritizing growth, it reported net losses such as Rs 99 crore in FY22 and Rs 147.9 crore in FY23, with targets to cut losses by 63% in FY24 and achieve profitability by FY25. Cashify's dual revenue streams from refurbished product sales and repair services contributed nearly equally in later years, supporting its path to the Rs 1,000 crore revenue club by FY25 (Rs 1,095.95 crore operating revenue). The model capitalizes on India's growing demand for affordable second-hand electronics, positioning it as a leader in recommerce amid expanding market opportunities and operational efficiencies. |
| Mar 2021 | Series D | Olympus Capital Holdings Asia (lead) | $15M | - | Cashify is an online platform for buying and selling used smartphones and electronics, offering instant cash for old gadgets and selling refurbished phones under its own brand. The company, operated by Manak Waste Management Pvt. Ltd and founded in 2013, raised $15 million from Olympus Capital Asia through its Asia Environmental Partners arm in March 2021 to expand its footprint in India, hire talent, and grow its SaaS vertical for licensing software to telecom and e-commerce firms. Cashify had over 2 million customers, sold more than 125,000 devices monthly by early 2021 up from 80,000 in September 2020, and partnered as a buyback partner for brands like Apple, Xiaomi, Samsung, and Dell. It operated stores in Delhi-NCR, Mumbai, Bengaluru, and tier-2 cities like Patna, Kanpur, and Ranchi, aiming for profitability within six months of the investment. |
| Jun 2018 | Series C | CDH Investments (lead); Morningside (lead); Shunwei Capital; Bessemer Venture Partners; Aihuishou | $12M | - | Cashify raised $12 million in June 2018 led by CDH Investments and Morningside, with participation from Aihuishou, Bessemer Venture Partners, and Shunwei Capital. The Gurugram-based re-commerce platform operates a marketplace for buying, selling, and repairing used electronics, offering doorstep pickup and instant quotes via its app and website. Cashify sources 80% of supply from direct channels including its platform and offline stores, with refurbished phones under PhonePro contributing 20% of revenue. |
| Apr 2015 | Seed | Bessemer Venture Partners (lead); Blume Ventures (lead) | $1M | - | - |
Who has invested in Cashify?
12 investors have backed Cashify across its funding rounds, including Bessemer Venture Partners, Blume Ventures, Amazon, Prosus, NewQuest Capital Partners and Olympus Capital Holdings Asia.
Lead investors include Amazon, NewQuest Capital Partners, Prosus, Olympus Capital Holdings Asia, CDH Investments and 3 other investors.
Cashify Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 3 | Lead | Apr 2015 | |
| Mumbai | 3 | Lead | Apr 2015 | |
| New York City, NY | 2 | Lead | Mar 2021 | |
 Amazon | Seattle, WA | 2 | Lead | Aug 2022 |
 Hong Kong | 2 | Lead | Jun 2022 | |
 Amsterdam | 2 | Lead | Jun 2022 | |
| Hong Kong | 1 | Participant | Jun 2022 | |
 Beijing | 1 | Participant | Jun 2018 | |
| Shanghai | 1 | Participant | Jun 2018 | |
| Boston, MA | 1 | Lead | Jun 2018 | |
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Start Free TrialAcquisitions by Cashify
Cashify has acquired 2 companies to date.
Last acquisition by Cashify was on July 26th 2021. Cashify acquired UniShop for undisclosed valuation.
Latest Acquisitions by Cashify
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} MobiBing | ||
| Description | UniShop provides an e-commerce platform for neighborhood retailers to sell online and generate GST-compliant bills. Accessible at unishop.app, it sends invoices via WhatsApp and SMS, supporting multiple billing modes for Indian small businesses including thermal printers and inventory tracking. | MobiBing is a New Delhi-based platform for refurbished smartphones, tablets, and laptops. It aggregates listings from over 4,500 sellers via meta-search, facilitating resale and exchanges. Selected for Google Developer Launchpad and Microsoft BizSpark programs, MobiBing emphasizes quality verification for Indian consumers. |
| HQ Country | | |
| HQ City | New Delhi | Bangalore |
| Deal Date | 26 Jul 2021 | 19 Jul 2016 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Cashify Competitors
Cashify competitors include listed companies like Uxin and Giftee, and private ones like Beauty Selection, Patpat, Boutiqaat and BukuWarung.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| China | Publicly listed | $483M | ($16M) | $239M | 0.7x | |
 Japan | Publicly listed | $91M | $20M | $243M | 2.5x | |
 Seoul | Private | - | - | $227M | - | |
| San Francisco, CA | Private | - | - | $227M | - | |
 Kuwait City | Private | - | - | $250M | - | |
 Jakarta | Private | - | - | $250M | - |
Cashify Public Comps
Cashify is still privately-owned, but its public comps include Uxin, Giftee, Kogan.com, Newegg, YesAsia, Vente Unique, YSB, Verkkokauppa.com, Aramis Group and 1-800-Flowers.com.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $483M | ($16M) | 1.1x | 0.7x | (35.0x) | (24.9x) | |||
| $91M | $20M | 2.5x | 2.5x | 11.7x | 9.4x | |||
| $347M | ($11M) | 0.6x | 0.6x | (19.3x) | 6.9x | |||
| $1.4B | $3M | 0.2x | - | 71.7x | - | |||
| $502M | $42M | 0.4x | 0.3x | 4.9x | 4.1x | |||
| $231M | $22M | 0.8x | 0.7x | 8.4x | 6.6x | |||
| $3.1B | $38M | 0.0x | - | 1.8x | - | |||
| $606M | $27M | 0.3x | 0.3x | 7.2x | 7.4x | |||
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Common questions about Cashify
| When was Cashify founded? | Cashify was founded in 2013. |
| Where is Cashify headquartered? | Cashify is headquartered in Gurgaon, India. |
| Is Cashify publicly listed? | No, Cashify is a private, VC-backed company. |
| What is Cashify's valuation? | Cashify was last valued at $236M in its Series E in August 2022. |
| How much funding has Cashify raised? | Cashify has raised $222M across 6 funding rounds. |
| What was Cashify's last funding round? | Cashify's last funding round was a $98M undisclosed-stage round in November 2023. |
| Who are Cashify's investors? | Cashify's investors include Bessemer Venture Partners, Blume Ventures, Olympus Capital Holdings Asia, Amazon, NewQuest Capital Partners, Prosus, AEP Holdings, Shunwei Capital, Aihuishou, Morningside and 2 others. |
| What is Cashify's revenue? | Cashify's latest recorded revenue is $36M (August 2022). |
| What is Cashify's revenue multiple? | Cashify's latest valuation implies a 6.6x revenue multiple ($236M valuation on $36M of revenue). |
| Which companies are comparable to Cashify? | Companies comparable to Cashify include Uxin, Giftee, Beauty Selection, Patpat, Boutiqaat and BukuWarung. |
| How many companies has Cashify acquired? | Cashify has acquired 2 companies, including UniShop and MobiBing. |
See companies similar to Cashify
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