Cashify bags USD 90 million in fresh funding from Prosus and NewQuest

Cashify bags USD 90 million in fresh funding from Prosus and NewQuest

Cashify has reportedly bagged USD 90 million in Series E funding from Prosus, and NewQuest Capital Partners, with additional participation from existing investors such as Bessemer, Olympus Capital, and Blume Ventures, as well as new investor Paramark Ventures.

It is worth noting that in March 2021, Cashify’s managed to secure USD 15 million in Series D fundraising that was spearheaded by Asia Environmental Partners, Olympus Capital's clean energy and sustainability branch.

Cashify has received a total of USD 140 million in funding to date, while the fresh funds will be used to reinforce its recruitment efforts, construct an advanced technological infrastructure, and market the brand to enter newer segments.

Sources claimed that the company is also planning to enhance its efforts in obtaining gadgets and explicitly approaching many customers. It seeks to grow its visibility in the country's top 100 cities and hit 150 retail stores by the end of 2022.

Mandeep Manocha, CEO, and the founder of Cashify stated that they were fortunate to attract investors six months ago when the market was not as severe, but that this sector thrives on economic crises as people seek affordability during such times and assured that they would keep mapping prospects and straddling the line between customers and the industry.

He further asserted that the younger generation aspired to have phones that are out of their price range, such as an iPhone or a One Plus, but because their budget is between USD 100 and USD 190, it seems like an impossible task for them.

Since last year, Cashify has been fixating on its development across India, which is the world's second-largest smartphone industry, and because smartphones are the most important category of the company’s platform, the country has been an important milestone for its growth momentum.

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Rashi Thakkar

Rashi Thakkar

Rashi started her journey in content when she was completing her MBA. Since then, she has helped well-known startups and businesses boost their online presence. Currently Rashi pens downs insightful articles for AlpenHornNews and various other websites, covering an array of sectors from finance and business to technology and healthcare.