Cashify has emerged as a leading re-commerce player in India by making it easier and more reliable to sell old smartphones. Through partnerships with major OEMs, a broad sourcing strategy and a growing refurbishment and resale business, Cashify offers sellers a convenient way to unlock value from used devices.
How Cashify works with OEMs
– Apple Upgrade Programme (2017): Cashify partnered with authorized Apple affiliates and ICICI Bank to run upgrade offers on purchases of MacBook Air, Mac Mini and MacBook Pro from authorized resellers. The scheme provided cashback up to Rs 30,000 in some cases, with typical cashbacks often exceeding Rs 20,000.
– Xiaomi Exchange Program (2017): Cashify ran Xiaomi’s Mi Exchange program at Mi Home stores. Customers could trade in one old phone per Xiaomi purchase; Cashify set the trade-in value (also verifiable in the Cashify app) and offered doorstep pickup while purchases were completed at Mi Home. This program supported Xiaomi’s retail push and coincided with Xiaomi’s local manufacturing and product rollouts (example: Mi Power Bank 2i assembled at a Noida facility in partnership with Hipad Technology).
Sourcing channels
Cashify acquires devices through multiple channels: direct listings on its website and app, OEM exchange programs (Samsung, Xiaomi, Apple), and marketplaces such as Flipkart, Amazon and Paytm Mall. This diversified sourcing helps the company maintain volume and a steady supply of devices for refurbishment or resale.
Refurbishment, resale and services
– Refurbishment: Acquired devices are inspected and refurbished when needed. Cashify plans to build an online marketplace for refurbished phones sold with replacement parts as required, boxed and backed by a six-month warranty.
– Repairs and pickup: The company offers at-home repair services and doorstep pickup for device collection, improving convenience for sellers.
– Offline reseller network: Refurbished phones are also distributed through a network of offline traders across India who specialize in selling used devices.
Business scale and economics
– Volume: Cashify handles over 100,000 handsets per month and had a target of 200,000 per month within the year.
– Device mix: The majority of devices are lower-end phones (roughly sub-$300 when new).
– Margins: Affiliates who resell devices typically earn around 10% profit per device. Cashify’s buy-sell spread — the gap between what it pays sellers and the price offered to affiliates — is usually about 30–35% before internal costs, which reduces the realized margin after refurbishment and operations.
Funding and growth
Cashify raised $12 million in a financing round led by Chinese investors CDH Investments and Morningside, with participation from Aihuishou, Bessemer Venture Partners and Shunwei, bringing total funding to roughly $19 million. This backing supports scaling of procurement, refurbishment capabilities and distribution.
Market opportunity and expansion
Cashify estimates the Indian used-phone market at about 90 million phones for the current year, rising toward 120 million by 2020 — a market comparable in size to new-phone shipments but with attractive margins. While the company is focused on India in the near term, it is also exploring expansion into the Middle East, Southeast Asia and potentially Hong Kong, which serves as a regional hub for refurbished phones.
Strategic advantages
Partnerships with firms such as Aihuishou and Chinese investors help Cashify source parts for repairs and strengthen procurement and supply-chain capabilities. Its integrated model — online valuation, easy pickup, refurbishment with warranty and both online and offline resale channels — positions Cashify as a convenient, trusted option for users who want a fair price and a simple experience when selling their old phones.
Bottom line
For sellers who want a straightforward way to sell or trade in a phone, Cashify combines broad distribution, OEM collaboration, home pickup and refurbishment with warranty protection. That mix of services and partnerships makes it a compelling alternative to classifieds and informal channels when monetizing used mobile devices.
