We plan to add 50 kiosks in total from the current 5 in Delhi NCR by end of 2018: Nakul Kumar
In an exclusive conversation with Nakul Kumar, COO, Cashify.in sheds light on the growth strategy of the company.BY Shipra Srivastava | July 16, 2018 | comments ( 0 ) |
Cashify, formerly ReGlobe, is a registered trademark of Manak Waste Management Pvt Ltd. The company offers complete solution wherein customers can sell old or used gadgets hassle-free. It enables the customers to sell their old gadgets online and get instant cash along with free home pick up.
How did Cashify started? What was rationale behind coming up with this concept? Also shed light on your business model? How this concept is different from refurbish or open box sell?
Before Cashify.in came into existence, we had been testing the market through different business models and were earlier called ReGlobe. However, today, Cashify stands at the forefront of End-of-Life product management and works with all leading electronic brands in the country. The rationale behind our success, is an interesting fact that the realized ‘end-of-life’ is highly circumstantial and ‘one man’s waste could very well be another’s resource’, of-course if the product has not reached a non-usable condition.
Today, Cashify is India's pioneer for Exchange & Buy Back for all used Smartphones and electronics. For our million+ customers, selling anything on Cashify.in means Easy & Instant Cash. Having partnered with more than 40 leading Smartphone brands, we are expanding business rapidly across India, and are currently present in 35 cities.
Kindly shed light on your current footprint? Going forward, what would be the strategy to grow your network?
We are currently present in 35 cities. The strategy way forward is to spread our wings into new territories &expand our footprint into every Indian home where Old Smartphones still wither their life in a drawer without even knowing what Cashify value they offer.
Kindly shed light on your operational categories? Apart from tech gadgets do you also operate in any other category or plan to? Also mention the category where you get maximum traction?
The categories we buyback are Smartphones, Tablets, Laptops, Gaming consoles, iMac & TV. Right now we are active only in electronics category & have no immediate plans to start off a new category. We garner maximum traction from the Smartphone category. However, we’ve launched ScreenPro to help our users get on-site screen replacement done for their Smartphones, in 30 mins, in upto 50% lesser than the market price. This is currently available in Delhi NCR and expanding to more cities August onwards.
As of now, Cashify is used via about how many potential sellers every day?
Cashify has helped more than a million users to sell their Smartphones and other gadgets till now. As people sell their Old Smartphones, Cashify helps them get the desired liquidity to upgrade to better ones.
Have you raised any sorts of funds so far or plan to?
We have recently raised a Series C round of $12 million led by a group of Chinese investors.
Who do you see as your potential competition within the same space?
According to you, what are the major challenges in resale market?
Currently, the major challenge in the resale market is that reselling old, used devices does not come as a natural tendency to user due to lack of options available except Cashify’s. We aim to overcome this challenge by building strong brand presence that will help TOM recall for the users.
At last, kindly highlight your growth plans?
By end of 2018 we have plans to expand are offline presence across country. We will be setting up 50 kiosks in total from the current 5 in Delhi NCR. We are also currently exploring international markets. but the biggest milestone to achieve is our goal to get more than 2 lac users sell their gadgets to us every month by 2019.