Cashify, the capital of the used smartphones world.
Cashify is the leading platform to buy and sell used electronics in India. As customers typically trade in their phones during the festive season, Cashify sees disproportionate volumes for a few months before Diwali. The inventory of devices which thus builds up is then liquidated over a period of time.
Due to the highly seasonal nature of the working capital requirement, traditional venture debt would not solve the funding gap efficiently. We created an innovative arrangement to fund this seasonal working capital, by allowing flexible drawdowns and repayments. This was not only useful for the temporary financing requirement, but also helped in managing interest
Aided by our continued engagement, Cashify has been able to grow 3x in GMV in just over three years. As it continues to grow rapidly, the company has now also become a household brand, and attracted several global investors including Olympus Capital Asia to further support future growth.