Cashify, the leading platform for selling used mobile phones and electronic gadgets, has recorded a significant increase in its revenue from operations. According to Entrackr, the company’s revenue soared 63.9 percent to Rs 816 crore in FY23 compared to Rs 498 crore in the previous financial year, as stated in its financial filings with the Registrar of Companies (RoC).
The sale of used mobile phones and other electronic gadgets accounted for a significant portion of Cashify’s total operating revenue, making up 93 percent. This segment witnessed a substantial growth of 63.9 percent, reaching Rs 762 crore in FY23 from Rs 465 crore in FY22.
Cashify made headlines last year when it secured a remarkable Series E funding round, raising over $90 million. NewQuest Capital Partners and Prosus were among the major investors in this funding round, joined existing investors Bessemer, Blume Ventures, and Olympus Capital. The inclusion of new investor Paramark Ventures further strengthened their financial support.
Mandeep Manocha, the Founder and CEO of Cashify, expressed his enthusiasm for the company’s future prospects and commitment to enhancing customer experience in India. He stated, “We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy.”
In addition to its core smartphone buyback service, Cashify has evolved into a smartphone-centric brand, offering comprehensive mobile care services right at the users’ doorsteps. The company collaborates with various offline and online channels, as well as original equipment manufacturers.
Cashify’s impressive revenue growth and strategic funding demonstrate its strong position in the market. With its focus on customer satisfaction and commitment to the circular economy, Cashify continues to dominate the used mobile phone and electronic gadget industry in India.