Cashify buys UniShop to expand both online & offline

Cashify has acquired UniShop, a platform that helps local retailers sell online, for an undisclosed sum in cash and stock as a feature of its deal to aggressively expand both online and offline.

Cashify, which brought $15 million up in a Series D financing round from private value firm Olympus Capital’s perfect energy and sustainability arm in March, is in talks with new and existing investors to raise another $50 million, head working official Nakul Kumar told ET.

Established in 2013 by Kumar, Mandeep Manocha and Amit Sethi, Cashify has so far raised $40 million from investors like China’s CDH Investments, Morningside and Aihuishou.

The organization offers an online platform to sell old, or utilized, electronic gadgets, basically mobile phones & different gadgets like PCs, tablets, desktops and gaming consoles.

Moving towards an aggressive retail growth since the start of the Covid-19 pandemic, the organization has opened 60 offline stores in the National Capital Region, Mumbai, and Bengaluru and in smaller cities like Patna, Kanpur and Ranchi. It intends to expand to 150 urban areas over the course of the following year and a half.