- Cashify also sells refurbished smartphones in the country
- It had recently opened its first experience store in Faridabad
Cashify seems to have taken used smartphone buying strategy to the next level in India. The company, is operating a small smartphone buying Kiosk at one of the most busiest metro station in Delhi. Located inside the Kalkaji Mandir metro station, this small kiosk is placed at an interaction that is hard to miss.
This Kiosk falls at the point where Metro Rail users are either changing routes from Noida towards Faridabad or vice versa. The moment we saw the kiosk, there were around five people inquiring about the prices Cashify will be ready to give them for their old smartphones.
It is to be noted here that Cashify also sells refurbished smartphones through a recently launched e-commerce portal in India. The company also has plans to step into selling refurbished gaming consoles and tablets as well.
The easy smartphone selling process for users
The company seems to have figured out a hassle free experience for people looking to sell their old smartphones. An individual at the Kiosk counter greets the people, checks their smartphone value using Cashify’s software and quotes the amount. If the seller agrees to the amount, the money is transferred instantly in his bank account. However, the seller must be ready to share an identity proof issued by the Government of India.
For users who seemed reluctant to sell their smartphones in the priced quoted by Cashify, the individual enters promo codes with slightly bump up the final value. It is to be noted here that Cashify has also recently opened its first experience store in India. The company, through this store, is not only buying and selling smartphones, but is also pitching its other services like screen repair to consumers.
Aseem Goyal, VP, retail expansion, Cashify, had earlier said, “Cashify will buy old smartphones, offer screen repair services, sell refurbished smartphones and accessories at the store. All the services will be instant, on the spot and we will ensure to provide a whole new experience to customers. In the coming months we are planning to reach out to more cities with the Exclusive Cashify stores, as a part of our offline expansion plan in India.”
Cashify brought more than one million used smartphones in 2018
The company, in February 2019 had disclosed that more than 10,20,000 second-hand smartphones were bought by them in 2018. The company had disbursed a total Rs 459 crore to smartphone users, who sold their old smartphones on Cashify.
Amit Sethi, CTO and co-founder, Cashify, recently told Electronics For You, “Last two years has been really good for us in terms of fresh investments and business expansion in India. We got investment from CDH Investments, Morningside and got Aihuishou, a pioneer of Re-commerce business in China, as our strategic partner which helped us to achieve focused growth in India.”
Tom Kang, research director at Counterpoint Research, had recently mentioned that India has tremendous growth opportunities in terms of refurbished smartphone market. He had said, “The India market grew 14 per cent to almost 14 million refurbished devices. This is an impressive number because the refurbished market ecosystem remains nascent in the country and 72 per cent of devices in India do not go into the secondary market. Therefore, there are tremendous growth opportunities.”
EFY VIDEO: Cashify executive explaining used smartphone buying process to an individual
Author – Mukul Yudhveer Singh. An avid reader, Mukul finds peace in books and technology. He’s as passionate about writing as he is about playing cricket and hitting the gym. If not writing or reading, you will most likely find him drawing tattoo designs or analyzing political campaigns.