What’s the first thing you do to purchase a new phone? You visit an e-platform that allows you to purchase your favorite phone. Now, they provide an exchange offer that allows you to exchange your worn device for a new one. All excited, you can save a lot of money with this idea and you register for the exchange offer. Now, the old device of yours ends up as e-waste in the most secluded areas on the planet only to be guarded by a security guard. Well, that’s just theory, but Cashify (1) has another.
Targeting Cashify to the Market
India has been the epicenter of tech hubs and many more but never, to estimate the waste that even tech damages the society, and this is the ideology that brought Cashify to life. Three Friends from Gurugram would change the way e-waste is handled with the help of a simple barter system idea. Now if you have used a Cashify portal located in any mall or as a kiosk in local areas, you might realize that the system values your device based on its condition
Cashify has been the unsung hero of the e-waste industry. Handling contracts of recycling tech or many such companies like OnePlus, Nokia, Oppo, Vivo, Samsung, etc., thus keeping the environment safe and production economical. The story of Cashify too simple to attribute to the ideology of the company. Some might say, Cashify began to help save nature or to be a partner for tech recycling and thereby improve the production of newer phones at more affordable rates. But, Cashify started due to the inability to sell off an old device that wasn’t favorable to bought by a 3rd party seller. Thus, three friends started Cashify in a dingy room in New Delhi.
Financing Cashify wasn’t so easy because many such companies acquired their recycling units and thus didn’t waste a penny depending on 3rd party recyclers. E-sellers like amazon, Flipkart, eBay introduced the concept of an exchange offer in the wake of 2015. This even led to the formal awakening of the Cashify idea that these 3 men had discussed. So, financing Cashify became even better when investors started to understand, the growing rate of electronic devices being bought online.
Cashify formally entered into several contracts with Amazon and some device manufacturers like Oneplus and so on. Since then, Cashify recorded a 200% increase in consumer usage once they comprehended the idea that Cashify wanted to bring to them. Cashify would subsequently bring in several kiosks later to facilitate the easy replacement of devices.
The birth of Cashify
Nakul Kumar, COO of Cashify says that Cashify is India’s largest used-phone company. This is what he states,
“If you have an iPhone X and you see the all-new iPhone 11 in the market, you go the store and exchange it at a discount for the new device. Cashify, in turn, purchases the device and refurbishes the device by resetting the device i.e the data of the device is wiped out. Cashify then installs certain bootloaders like Facebook, WhatsApp, YouTube which are the most common apps used in the region. Cashify doesn’t discard the phone but instead does this and helps those who cannot afford the phone by selling the device at heavily discounted prices on their market e-space”.
Cashify was an idea that started during the 2007-08 financial crisis. Nakul and his friend Mandeep had no idea has to how would they land a job during the time. One day, he saw waste lying around at railway stations and wanted to bring a lesser impact of wastage that nobody cared about, so he started ReGlobe. He had a passion for waste management. This further led to selling oil extracted through the tires of the vehicle. Thus, Cashify was a company born out of many such start-ups. The money that he made after selling ReGlobe led to the formation of Cashify.
The statistics show Cashify is currently located in more than 2000 cities in Indian and is still expanding. Over 2 million used devices have been bought, refurbished, and sold to consumers. Cashify is successful for the idea of a waste management system and also due to the fact the larger population may desire an iPhone X or a Samsung S20 but may not afford it, so, Cashify sells refurbished devices online.
The Cashify Philosophy
Nakul says, every phone available shouldn’t end up in the trash but rather reach the hands of those that could favor upon it. Cashify has partnered with over 5,000 such electronic 3rd party sellers and franchisees to date and offers them a commission for the sale of the product towards Cashify. They not only sell devices like phones but also a broad range of devices whose market circle is increasingly prominent and huge. They collect laptops, Television sets, and appliances.
Cashify’s e-store and their offline store PhonePro focus on the model of the brand and how they deal with such cases. They additionally offer a six-month warranty to the refurbished devices. Cashify’s entry isn’t just a coincidence but the change to handling e-waste that is considered to rise in the next 10 years to a staggering 43% from the present 22%.