Cashify, an online marketplace, has secured $90 million in Series E funding. Prosus and NewQuest Capital Partners took the lead in the funding round. Bessemer, Blume Ventures, Olympus Capital, and Paramark Ventures are some of the current investors that took part.
The most recent investment will be used for marketing, hiring, creating technical infrastructure, and entering new markets.
In addition to after-sales services including maintenance and buyback at users’ doorsteps, Cashify was founded in 2013. To increase its footprint in 51 Indian cities, it intends to open brick-and-mortar stores. Asia Environmental Partners, a division of Olympus Capital focused on clean energy and sustainability, led a $15 million Series D fundraising round for the business in March 2021.
The founder and CEO of Cashify, Mandeep Manocha, expressed excitement about expanding the company’s footprint and product offerings for its devoted clients in India and achieving its overarching objective of integrating the circular economy. He continued, “We will continue to map opportunities and offers that will close the gap between the stakeholders that matter—customers, business, and industry.