The year was 2013 when Nakul Kumar was in need to sell his old laptop for cash. However, that small need gave him an idea which would later lead an electronic revolution in India. E-waste was growing concern in India and indeed around the globe. Kumar though what if there was a way to monetize all this e-waste and that is how ReGlobe was born.
ReGlobe would later be rebranded as Cashify to become a company whose sole purpose was to provide the best price for your old electronic device. ReGlobe was first founded as consultancy firm which provided solutions for disposing of e-waste which was past its expiry date.
The first project ReGlobe got was from Nokia but it was merely enough to keep the company afloat. After getting rejected by 12 different banks, the company managed to get a loan for Rs 1 crore. The reason the thirteenth bank had agreed was because the loan officer’s daughter, who was studying a course in environmental studies, believed in the idea.
ReGlobe later sold its factory after it managed to generate a revenue of Rs 1.8 crore and the money was later invested in pushing the company to a web-based platform.
Cashify, which was the name of the rebranded ReGlobe for selling used phones, has partnered up with some of the biggest online brands in the country such as Amazon, Snapdeal, Infibeam, and Ebay. These tie-ups effectively ensure that Cashify is one of the biggest players in the cash-for-used-phone market.
By 2016, the company was witnessing a gross merchandise volume (GMV) of Rs 2 crore per month and was also improving at a growth rate of 30 percent per month.
Fast forward to 2018, and we can see that Cashify has exchanged nearly 919,000 gadgets for nearly Rs 620 crore. It has a customer base of nearly 818,000 as well.
The Cashify Model
So how does Cashify work? Cashify generates the best price for your used smartphone based on certain parameters such as the model number of the phone, maker of the smartphone, screen condition and several other factors to generate a computerised version of the best price available.
This customer simply has to go to Cashify’s website, click on the mobile section, select the brand, select the variant and answer a few questions about the condition of the device. That is it. After that Cashify will generate its price tag and home-deliver the cash to you so that you do not have to move anywhere.
It is quite clear that Cashify as an option is very easy and convenient for those trying to sell their old smartphone. There are no loopholes or conditions regarding the price that is generated for your old smartphone and it is also the best in the business so you need not worry about anything.