Cashify, the India-based electronics e-commerce marketplace operator of backed by electronics recycling service provider Aihuishou, has received $15m from private equity firm Olympus Capital, Yourstory reported yesterday.
Olympus invested in the business through its environment and clean energy-focused vehicle, Asia Environmental Partners.
Founded in 2013, Cashify runs an online platform through which users can buy new and refurbished electronics including smartphones, laptops, desktops and tablets. It also purchases used electronics and provides repair and recycling services.
The new funding will go toward expanding the company’s enterprise software-as-a-service activities and its offline retail division. It will also invest in branding.
CDH Investments and Morningside Venture Partners co-led a $12m series C round for Cashify in 2018 that also featured Aihuishou, Bessemer Venture Partners (BVP) and Shunwei Capital.
M&S Partners, BVP and Blume Ventures had provided an undisclosed amount of funding for the company in 2017 after the last two had supplied $1m the year before.