Cashify had raised $15 million in Series D funding. It has now acquired UniShop, an online platform that helps local retailers to sell online. The amount for which it acquired UniShop hasn’t been disclosed but it is in both cash and stocks.
Economic Times has reported that Cashify is looking to raise another $50 million in the next round of funding. The earlier funding was from Olympus Capital’s clean energy and sustainability arm.
Cashify was founded in 2013 by Nakul Kumar and so far, has managed to raise $40million from various investors. It offers a platform to sell used gadgets including smartphones, laptops, desktops, gaming consoles, etc. online. In an attempt to begin the offline retail business, it has opened many stores in the cities of Mumbai, Bengaluru, Patna, Kanpur, and Ranchi. It is planning to expand its business to over 150 cities in a year and a half.
The acquisition will not affect UniShop’s services to third-party retailers. However, it will be rebranded as PhoneShop as told by Kumar. UniShop now has almost 300,000 merchants on its platform and provides services in areas like clienteling, stock management, online store developments, etc.
According to Kumar the pandemic and the acquisition will favour his company well regarding its “direct-to-customer internet channels to neighbourhood shops and services”.