Online used-phone seller Cashify on Thursday said funds advised by Olympus Capital Asia are investing US$ 15 million (about Rs 109 crore), a move that will help the company scale up its presence in the mobile phone reuse and recycling sector in the country.
Olympus Capital Asia investment will be made through Asia Environmental Partners (AEP), its clean energy and sustainability platform, a statement said.
Cashify plans to use the proceeds from this investment for further expanding its footprint in India, it added.
Founded in 2015 by Mandeep Manocha, Nakul Kumar and Amit Sethi, Cashify is an online platform to sell old or used mobile phones for instant cash and offers free home-pickups. It also sells its own brand of refurbished smartphones under the brand 'Phonepro'.
The company, which also deals in laptops, tablets, desktops and gaming consoles, has over 2 million customers and 1,500+ serviceable cities.
"We are pleased that Asia Environmental Partners, one of the most experienced clean energy and sustainability investors in Asia, chose to partner with Cashify. We are looking forward to accelerating our investment in the electronics reuse and recycling sector and thereby enabling OEMs and consumers to materially reduce their carbon footprint," Cashify, Founder and CEO Mandeep Manocha said in a release.
Pankaj Ghai, Managing Director of AEP, said the management team at Cashify has an excellent track record in building a strong consumer-facing franchise and building relationships with OEMs, e-commerce companies and electronic product retailers to be present across all touch points for the consumer.
"We look forward to partnering with the company in the next leg of its growth," he added.