$12M raised by India’s Cashify for its Second-hand Smartphone Business

A pedestrian uses a mobile phone while walking past stores selling phones and accessories in Gwalior, Madhya Pradesh, India, on Friday, June 2, 2017. India's rates traders seem convinced record-low inflation and an unexpected slowdown in economic growth will prompt the central bank to soften its hawkish stance when its announces a policy decision Wednesday. Photographer: Udit Kulshrestha/Bloomberg

Cashify, a company that buys and sells used smartphones, is the latest India startup to raise capital from Chinese investors after it announced a $12 million Series C round. Chinese funds CDH Investments and Morning side led the round which included participation from Aihuishou, a China-based startup that sells used electronics in a similar way to Cashify and has raised over $120 million.

This new capital takes Cashify to $19 million raised to date.

With Cashify, sellers simply fill out some details online about their device, then Cashify dispatches a representative who comes to their house to perform diagnostic checks and gives them cash for the device that day.

The startup has plenty going on at home in India, but already it is considering overseas possibilities.

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