Cashify plans to make use of the funding for marketing and expanding its offline biz by adding about 90 stores to its current count of 60 by mid-2022
Gurugram-based startup dealing in online and offline sales of mobile phones, Cashify has recently announced raising USD 15 million in a Series D Funding round led by private equity firm- Asia Environmental Partners. This investment totals the company raised fundings to USD 40 million so far.
Through this move, the company plans to utilize the funds for commercialization and expanding its offline ecosystem by adding over 90 stores to its current 60 stores by 2022. Moreover, it plans to do so via a franchise model in Tier II as well as metro cities.
It would be essential to mention that post a brief slump due to the outbreak of the coronavirus pandemic, Cashify’s phone sales are now expanding at a rate of 7% to 8% month-on-month. Besides, via the funding round, the company is seeking to emerge as a lucrative enterprise within the span of six months.
As per official sources, Cashify also plans to trade its SaaS offerings to companies in the United States, Middle East, Israel, Latin America, and Israel. Speaking on these terms, Mandeep Manocha, Cashify Co-Founder, cited that their SaaS business is what the company is putting a lot of resources and manpower behind. Their team at Cashify believes that they can earn huge revenue, essentially 70% to 80% gross margins, which would potentially contribute to the company’s profitability quotient.
For the record, Cashify plans to add cameras to its product and solutions offerings by this month. However, it looks to steer away from the white goods like refrigerators and televisions and continue to lay its focus on mobility-driven categories.