Home / Enterprise / Blume and Bessemer Ventures-backed Cashify acquihires Bengaluru-based MobiBing
Cashify-acquihire

Blume and Bessemer Ventures-backed Cashify acquihires Bengaluru-based MobiBing

CASHIFY

Mandeep Manocha, CEO and Co-founder, Cashify Launched in 2013 ,A Gurugram based Cashify  has partnerships with e-commerce, Original Equipment Manufacturers (OEMs) and offline retailers like Samsung, Amazon, Croma Retail and

The Cashify platform offers home pickup service and instant cash for selling smartphones. In April last year, the firm was reported to receiving funding of $1 million from US-based Bessemer Ventures and Blume Ventures.

Recently Cashify which was called Reglobe erlier  announced acquihiring Bengaluru-based MobiBing, to increase its penetration into the south Indian markets.

Cashify-acquihire

MObiBING

launched in July 2015 , MobiBing  is banglore based company and is a B2C marketplace for buying and selling overstock, refurbished and unboxed gadgets.

MobiBing had built a marketplace to buy & sell overstock, refurbished & unboxed gadgets to customers like students, working professionals and SMEs. The company claims its meta-search engine supports and lists more than 4500 smartphones, tablets and laptops categories.

MobiBing, which was part of Google Developer Launchpad program in India, had also set up a lab for testing and verification for various gadgets and claims to have shipped certified devices to over 100 cities.

The company is backed by investors like Bessemer Venture Partners, Blume Ventures, and M&S Partners and makes money by charging a commission on every device traded on its platform.

As a part of the deal, Mobibing’s Founder, Sibgathulla Zeeshan, will join Cashify’s strategic initiatives team to build, expand and upgrade its product offerings, while helping then company enhance its geographical presence.

Cashify was expecting to close $1 million in sales revenues by December 2015.

On the acquisition, Mandeep Manocha, CEO and Co-founder, Cashify, said,

“After closely following the progress of MobiBing and the drive of Zeeshan, we knew that the best way to create great re-commerce consumer experience and more penetration in the south India market was to integrate MobiBing’s offering with Cashify.”

The whole team at of MobiBing will be joining Cashify’s Bengaluru office.

There are several other players in the space including names like Budli, YNew and ValueCart. Although owning a different business model, online classifieds like OLX and Quikr continue to dominate the online market of re-selling goods.

These re-commerce companies adopt a more scientific approach to price discovery, giving a layer of convenience to customers. This scientific approach includes specially-designed software, which helps determine product prices based on metrics of age, wear and tear, followed by the market demand.

Re-commerce companies are typically expected to get a margin of 15-20 percent on each product, while also helping e-commerce companies liquidify their products.

 

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