In order to expand globally, Gurugram-based startup Cashify has onboarded Chinese recommerce giant AiHuiShou as a strategic investor and partner to expand in countries like Indonesia and the Middle East as a joint entity by next year. Besides, Cashify also aims to enter into new categories such as electronic appliances, cameras, and wearable devices.
The partnership is also a part of the latest undisclosed funding round, which comes after four months of Cashify’s $1 million venture debt round from Trifecta Capital.
Founder at AiHuiShou, Kerry Chen, said, “AiHuiShou hopes for Cashify’s business to grow in India by transferring its business expertise and experience. In the meantime, both parties will benefit in building a cross-border trading channel.”
Founded in 2013 by Nakul Kumar and Mandeep Manocha, Cashify follows the customer-to-business model. The marketplace allows customers to sell their old electronic gadgets like mobile phones, laptops, tablets, televisions and get instant cash along with free home pick up. It works with several offline and online channels, including Flipkart and Amazon as their exchange partner and is the sole partner for phone makers such as Xiaomi, OnePlus and Samsung in India.
Mandeep Manocha, CEO at Cashify said, “With around 900K monthly transactions AiHuiShou’s operations involve recommerce at scale, having been profitable and on its way to an IPO. This partnership will enable massive scale for us, at a time when we are looking to enter newer categories such as electronic appliances, cameras and wearable devices.”
Going forward, Cahify aims to expand its Kiosk model from current five in Delhi NCR to 50 by the end of this year and looking to double its transaction volume to 2,00,000 by the end of the current financial year.
Apart from Trifecta and Blume, Cashify had raised fund from Shunwei Capital in the earlier round. The startup competes with some of the players include Budli, Yaantra, Elanic, Atterobay, GreenDust amongst others.
On the other side, Chinese recommerce giant AiHuiShou operates as an online electronic products recycling platform. It provides second-hand electronics retailing, on-site recycling, logistics, recycling consulting, and immediate payment services.