Re-commerce marketplace Cashify has acquired UniShop, an omnichannel retail solution platform, for an undisclosed sum. The new service line will be rebranded as PhoneShop to empower mobile retailers across India.
Cashify's move will help it further diversify its e-commerce offerings by empowering mobile retailers to get a web presence, build their brand and make more money to compete with e-commerce giants.
Nakul Kumar, COO, and Co-Founder, Cashify, said, "The opportunity to take small businesses online is the next big e-commerce wave. We see this as an extension of our team and are excited to have Unishop as a partner, as they have a great understanding of the market and retailers' needs, especially in a Covid world."
UniShop has helped more than three lakh small merchants in taking their businesses online. On the other hand, Cashify has opened 60 offline stores till now across Delhi-NCR, Mumbai, Bengaluru, and in tier 2 cities, and plans to grow to 150 stores.
Hitashi Garg, Founder at UniShop (Now PhoneShop), stated, "Both UniShop and Cashify could see synergies, where both wanted to help small retailers compete with the big boys. We were sold to the vision and idea of doing the same at a much larger scale with Cashify."
Garg, Ankit Kushwaha who is the CTO, and the rest of the team will now be part of Cashify.
Passion Connect played a crucial role in this acquisition.
Sanam Rawal, Lead Talent Advisor at Passion Connect, said, "When we reached out to UniShop, we instantly saw the talent that the team has and the potential in their product. We loved their way of thinking and knew that Cashify would be a good fit."
With over 20 lakh customers, Cashify simplifies the process of managing devices by helping the users with price discovery, cash in hand, and other such features in a streamlined and efficient manner.