Cashify, the India-based operator of an e-commerce marketplace for second-hand smartphones, has raised $12m in a series C round featuring China-based electronics recycling service Aihuishou, TechCrunch has reported.
The round was co-led by CDH Investments and Morningside Venture Partners and included Bessemer Venture Partners (BVP) and Shunwei Capital.
Cashify has developed an online platform where users can buy or sell used electronics, and in particular mobile devices. A representative comes to a seller’s house to perform diagnostic checks on each device and if it is approved they give them cash for it that day.
The company plans to expand into home-based electronics repair services in addition to doubling the reported 100,000 phones it handles each month.
The round took Cashify’s total funding to $19m since it was founded in 2013 according to TechCrunch, including at least $1m in funding from BVP and Blume Ventures as of mid-2016.
Both firms joined M&S Partners to invest an undisclosed amount in the company in July 2017.