ADVERTISEMENT

Cashify is the unsung hero of the e-waste industry
C

Technology is evolving and so has been the level of e-waste. With the rising level of pollution and environmental hazards, the idea of Cashify might be considered as one of the most unique ideas. Cashify has been India’s most underrated exchange system.

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 - Cashify Cofounder and COO
Nakul Kumar – Cashify Co-founder and COO

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.

Cashify store

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%.

+ posts

My passion is Reading and writing. Basically, an optimistic introvert. Always striving to be better. Writing as a passion leads me to become stronger and focused.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Abraham George
Abraham George
My passion is Reading and writing. Basically, an optimistic introvert. Always striving to be better. Writing as a passion leads me to become stronger and focused.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

Google, STIC, Moving Capital, 3L, Evolvence, Hana Financial Investment, LGT Lightstone Aspada have invested in Dunzo, with Alteria Capital providing debt.

Google’s chosen one: How Dunzo managed to capture the heart of the doubtful consumer...

0
Because of the evident rise of e-commerce, logistics service providers are faced with an increasing number of small shipments and a difference in their...
From post-workout beer to cars as a new personal space, these trends offer businesses a wide range of capitalization opportunities to explore.

Emerging Trends: Performance Beer, Digital Decor, and Cars, a New Personal Space

0
Post-workout Beer As per Keywords Everywhere, thousands of people are searching for 'drink beer post workout' monthly. It has fermented a new class of post-workout...
With easy internet access and high smartphone penetrations, there has been a shift in rural customers' aspirations opening opportunities for marketers.

Rural Marketing in the Post-COVID Era: A Lucrative Space

0
There has been a gradual evolution in rural marketing for the past few decades. Since most of the Indian population resides in rural areas,...

Challenges in Indian Startup Ecosystem

0
The Land Accelerator South Asia 2021 The Land Accelerator is a four-month curated program focused on training and supporting entrepreneurs working to restore land, forests,...
The idle minds and empty hands are using more devices, apps, and postures in the lockdown. We are here for a 30 billion USD industry booming around that.

Sextech: A Booming Billionaire Dollar Industry

0
Sex has always been a shady space in India. For a culture that takes price in Mind Control, Yoga, and worshiping saints, sex has...
Midea is facing the same fate as many Chinese corporations, asking for funding, going the old-fashioned way, through Kickstarter like Indiegogo.

Midea looks forward towards better development through crowdfunding, what could this mean for the...

0
Midea is a multinational technology company specializing in HVAC systems, consumer electronics, robotics, and industrial automation, and the digital market. (1) Midea provides a...
Amazon won the fight against labor organizing at its Bessemer, Alabama, warehouse on Friday, with employees opposing the Retail, Wholesale, and Department Store Union 2-to-1.

Will Amazon continue to live the bad light amongst its workers?

0
The COVID-19 pandemic has wreaked havoc on cultures and economies all over the globe. However, Amazon.com, Inc. has increased, cementing its status as the...
There has also been a boon for retail investors seeking profit and reliable trading platforms. Here are the top Robinhood alternatives in India.

Top Robinhood Alternatives in India

0
India's new trader breed had light-up Dalal Street in 2020. It was the year when many people across the globe were forced to stay...
ADVERTISEMENT