Cashify to develop retail community on used cellphone, laptop computer demand

NEW DELHI : Re-commerce platform Cashify plans to open 80 new retail shops throughout the nation by March to capitalize on booming demand for refurbished laptops and smartphones.

The firm at present has 170 shops, which it plans to develop to 250 with an funding of ₹30 crore, Alok Shukla, vp, retail, Cashify mentioned in an interview. He mentioned the corporate additionally plans to develop its retail presence to 100 cities by December-end from the present 77.

Cashify is seeing robust demand for refurbished laptops, pushed by a rise in costs of latest client electronics. It at present sells laptops by business-to-business (B2B) channels solely.

“We will begin promoting laptops in shops subsequent 12 months. We will do a pilot venture in restricted shops in January and go reside with it in all shops by March. We have finished the testing and have a listing of laptops prepared for the pilot,” Shukla mentioned.

Cashify raised $90 million in June from traders NewQuest and Prosus, amongst others. Retail enlargement was among the many key causes for the fundraise. The spherical valued the corporate at $250 million.

Shukla mentioned the headcount may also develop in keeping with the retail enlargement. By March, Cashify plans to rent near 300 individuals for its shops. It goals to speculate ₹80 crore in retail enlargement by the tip of 2023.

The pandemic and provide chain constraints for electronics companies has pushed development for Cashify over the past two years. According to the International Data Corporation (IDC), the typical promoting worth of laptops rose to ₹65,000 in 2021 from ₹50,000 within the first quarter of 2020.

Similarly, the ASPs of latest smartphones rose 15% to $226 (about ₹18,441) within the September quarter, as per IDC information. In comparability, the ASP of refurbished smartphones is round ₹12,000, in accordance with analysts. In May, analysis agency ReedSeer Consulting mentioned 55 million refurbished telephones had been bought in India in 2021, and retailers are seeing higher margins on such units than on new ones. Redseer expects this to develop to 65 million in 2022.

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