Cashify, the popular online platform for selling used mobile phones and electronic gadgets, has reported a significant increase in its revenue for the financial year 2023. According to Entrackr, the company’s revenue from operations rose by an impressive 63.9 percent, reaching Rs 816 crore compared to Rs 498 crore in the previous financial year.
The sale of used mobile phones and other electronic gadgets accounted for a staggering 93 percent of Cashify’s total operating revenue. This segment witnessed a notable increase of 63.9 percent, generating Rs 762 crore in FY23 compared to Rs 465 crore in FY22.
In June last year, Cashify secured a substantial amount of funding, surpassing $90 million in its Series E funding round. NewQuest Capital Partners and Prosus were among the key investors, along with participation from existing investors Bessemer, Blume Ventures, Olympus Capital, and new investor Paramark Ventures.
Mandeep Manocha, the Founder and CEO of Cashify, expressed excitement about expanding the company’s presence and offerings for their valued customers in India. He also emphasized Cashify’s broader goal of integrating the circular economy.
In addition to its core service of smartphone buyback, Cashify has transformed into a smartphone-centric brand that delivers comprehensive mobile care services right at the users’ doorsteps. The company has also established partnerships with various offline and online channels, as well as original equipment manufacturers.
With its impressive growth in revenue and strategic initiatives, Cashify is further solidifying its position as a leading player in the used mobile phone market in India.
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