India’s startup Cashify has raised $12 million in a Series C round of funding bringing the total funds raised to date at to $19 million.
The round was led by CDH Investments and MorningSide Group, with participation from Chinese company AiHuiShou, and existging investors Bessemer Ventures and Shunwei Capital.
Cashify will use the funds to grow the business in India and abroad, expanding the offline reach and scaling pop-up store services
Cashify was founded in 2013 by Nakul Kumar, Mandeep Manocha, and Amit Sethi. The company enables its customers to sell their old mobiles online and get instant cash along with free home pick-up.
With Cashify, sellers simply fill out some details online about their device, then Cashify dispatches a representative who comes to their house to perform diagnostic checks and gives them cash for the device that day. The startup also offers an app which automatically carries out the checks — for example ensuring the camera, Bluetooth module, etc all work — and offers a higher cash payment for the user since Cashify uses fewer resources.