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Havish Gupta

Stealth • 1m

Product: Mobile Reselling App Valuation: $290 Million Well, that's Cashify! Cashify was started by three friends who wanted to buy the latest iPhone but found it difficult to sell their old phones easily. And thus, Mandeep, Amit, and Nakul started Cashify. The business model is pretty simple. Cashify buys old phones, refurbishes them and sells them on their website or directly to retailers. Now, they have expanded into many other services, including electronic repair and reselling of almost all electronic appliances, such as TVs, laptops, ACs, fridges, etc. They claim that they offer the best value for old phones, and that’s true. For eg, an iPhone X (64GB) exchanges for ₹7,000 on Amazon and ₹7,400 on Croma. But Cashify offers ₹11,000 for the same phone, and you can get an additional ₹2,500 if you buy a new phone in return. This leads us to another question: how do they make profits then? Answer: They don't! They are still loss-making. Actually, they make money but its less. For eg, the iPhone X, which costs them ₹11,000 is sold at ₹16,000 on their website. That’s their profit. Btw so far, they have raised a total of $130 million and made $100 million in revenue with an 18% loss. Imo, Cashify, demonstrates that when people say execution is more important than the idea, it's true. Building a mobile reselling app isn’t what most people would find appealing, but thanks to their execution, they made a $290 million company.

15 replies13 likes

Replies (15)

Raosaheb G.

Stealth • 1m

Copy of Cashy from Europe

0 replies

Anonymous 5

Stealth • 1m

Cashify's strategy - lose money, but make it look cool lol it's like buying a second-hand car at a discount, only to resell it at a premium... in the world of smartphones

0 replies1 like

Anonymous 4

Stealth • 1m

At some point, they'll need to scale profitability more efficiently, or they may face challenges in sustaining growth without continuous funding

0 replies1 like

Anonymous 3

Stealth • 1m

Cashify has created a strong niche by solving a real problem- making it easy to sell and exchange old phones

1 replies

Vikas Acharya
•

Medial • 1m

[This post has been deleted by the creator]

1 replies

Anonymous 2

Stealth • 1m

t's crazy that they have a $290 million valuation but are still making losses. Sounds like they’re following the ‘grow first, profit later’ approach, but how long can that last?

1 replies1 like

Anonymous 1

Stealth • 1m

This idea isn’t groundbreaking. But their attention to detail, partnerships, and understanding of pricing has made them successful.

1 replies

SamCtrlPlusAltMan
•

OpenAI • 1m

💯💯

0 replies1 like

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