Marketplace for re-commerce Cashify announced the acquisition of UniShop, an omnichannel retail solution platform, for an undisclosed sum. The new service line, PhoneShop, will be rebranded to empower mobile retailers across the country.
Cashify has been supplying refurbished smartphones to brick-and-mortar mobile stores. However, due to constraints, these retailers have only sold the refurbished phones offline. This new service line will assist offline retailers in expanding their market to the online space, as well as earning more money.
“The opportunity to take small businesses online is the next big e-commerce wave. We see this as an extension of our team and are excited to have Unishop as a partner, as they have a great understanding of the market and retailers’ needs, especially in a Covid world,” said Nakul Kumar, COO, and Co-Founder.
UniShop’s omnichannel suite offered retailers management, clienteling, multiple billing modes, stock management, online store development, custom domain, marketing, multiple payment options, personalized promotions, and other services.
Hitashi Garg, founder of UniShop, Ankit Kushwaha, CTO of UniShop, and the rest of the team have joined Cashify.
“Both UniShop and Cashify could see synergies, where both wanted to help small retailers compete with the big boys. We were sold to the vision and idea of doing the same at a much larger scale with Cashify,” said Hitashi Garg, founder at UniShop.
On the other hand, Cashify is primarily an eCommerce portal, but it also has 60 physical locations throughout the country. In June of this year, the company announced its intention to expand its offline retail stores to 150 by the end of 2021. While the company has stores throughout the country, it is focusing on the underserved markets of the south/west and central regions.
Cashify currently offers services for smartphones, laptops, tablets, smartwatches, DSLR cameras, gaming consoles, and earbuds. In the future, the company intends to broaden its offerings by adding more product lines.
The smartphone category, on the other contrary, will continue to drive the majority of their business. The founder believes that the refurbished smartphone market will outperform the new smartphone market in the smartphone category.
Even Cashify simplifies the process of managing devices by helping the users with price discovery, cash in hand, and other such features in a streamlined and efficient manner to over 20 lakh customers.
“When we reached out to UniShop, we instantly saw the talent that the team has and the potential in their product. We loved their way of thinking and knew that Cashify would be a good fit,” said Sanam Rawal, Lead Talent Advisor at Passion Connect.
Manak Waste Management Pvt Ltd owns the registered trademark Cashify, formerly ReGlobe. Cashify believes in providing a complete solution for customers to sell old or used electronics in a hassle-free manner. Unishop has become its second acquisition after MobiBing in 2016.
Cashify has received a total of $28 million in funding over five rounds. On March 4, 2021, they received $15 million in funding from a Series D round led by Olympus Capital Holdings Asia, according to Crunchbase.
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