Mandeep Manocha is co-founder and CEO of Cashify , a leading online marketplace for refurbished electronics . With over 12 years at the helm, Mandeep has guided Cashify's growth Prior to Cashify, he founded and led ZazzyBox and Manak Waste Management. His experience also includes a stint in investment banking at Lehman Brothers. Mandeep holds a Bachelor's degree in Chemical Engineering from Panjab University. In an interaction with Times of India, Mandeep talked about Cashify's growth over the years, refurbished market and importance of sustainability. Excerpts:
Let's start with Cashify's journey, can you tell us bit about the same?
We started in 2013-2014, Our motivation was simple: we were driven by the idea of preventing e-waste. We saw a huge opportunity to extend the life of used devices. My co-founders and I come from a waste management background. We started a company in 2009 and spent a significant amount of time on actual waste management projects, including setting up and running a plastic and rubber waste recycling factory for two or three years. We became interested in electronic waste, but we realized that e-waste isn't really e-waste until it sits unused in your house.
What was the idea behind expanding offline and opening physical retail stores?
There were two reasons: First, we believe that our consumers are everywhere. They're both online and offline. Second, because we buy used devices, we refurbish and resell them. We realized about four years ago that trust was missing in the refurbished space. To build trust, we needed a physical touch-and-feel store where people could experience the phones firsthand. Every phone we sell could be different, so having a physical store helps people build trust. These offline stores also serve as service centers. At Cashify, we are also investing in technology to further streamline our operations and enhance the customer experience.
As for numbers, our stores are spread across the top 90 cities in the country. We have stores in all major cities like Bangalore, Delhi, etc., as well as smaller cities like Agra, Meerut, and other tier two and tier three cities.
Can a user sell any device at Cashify, regardless of its age?
Yes, one can. But, we accept devices up to a certain age. For older devices, we offer a recycling program. This means that we will take your old, but we may not be able to give you a value for it. We have a service where we will pick it up from your doorstep, send it to an authorized e-waste recycler, and send you a certificate of destruction via email.
Can one do this with any device, even laptops?
Right now, we only do it for phones. We will be launching laptop recycling soon.
You recently came up with a report on sustainability, tell us about your initiatives there?
Our core mission is to extend the life of devices, reducing the need for new production and minimizing e-waste. By refurbishing and reselling, we aim to contribute to a more sustainable future. We are also exploring initiatives like recycling programs and partnerships with brands to promote e-waste awareness. Cashify is committed to making a positive impact on the environment and providing affordable, high-quality devices to its customers. By choosing refurbished, you're not just saving money but also contributing to a greener future. We work with all OEMs in the country. Whichever OEM you name, we are there at the backend.
How has the recent growth of smartphone sales affected Cashify?
Interestingly, it's benefited us. People are opting for refurbished devices as a more affordable alternative. We have seen a surge in demand for our refurbished products.
Can you elaborate on refurbishment services you offer?
We have our own state-of-the-art facility in Noida where we refurbish devices. Our expert technicians meticulously inspect and repair each device. We wanted to have one concentrated facility because refurbishing operations cannot be run in a very decentralized manner. Managing spare parts is a huge challenge. Noida has all those phone manufacturers, trained manpower, and spare parts easily available. Cashify also offers warranties on our refurbished products, it ranges from six to twelve months, depending on the model.
Tell us about your partnership with retailers like Croma and Unicorn?
We work closely with major retailers to provide buyback and refurbished device solutions. This includes partnerships with OEMs and retailers like Croma, Vijay Sales, Reliance Digital, and Apple authorized resellers.
Is one of the biggest season for Cashify is during iPhone launches?
I wouldn't say it's the biggest season, but it's definitely a good one. We see a significant spike in the number of old phones coming to us. During that one month, the inflow of devices increases by at least 3-4 times.
Do you have any tips for people planning to sell their smartphones or laptops?
Yes, I recommend that people sell their devices as soon as they buy a new one. People often think they'll use their old device as a spare or hand it down, but that doesn't usually happen. They end up putting it in a drawer. Ideally, you should sell it immediately when you upgrade so you can get the best value. If you keep it in a drawer, it will eventually become e-waste and you won't get anything for it. These are valuable resources that are lying unused in people's homes. By selling them, you can extend their life and make them available to others. We've seen that this brings happiness to a lot of people. People are happy to buy an old iPhone 11 or iPhone 12 at a lower price. I've seen people from various demographics who are thrilled to get a phone like that for 25,000 rupees, which they couldn't afford new.
Let's start with Cashify's journey, can you tell us bit about the same?
We started in 2013-2014, Our motivation was simple: we were driven by the idea of preventing e-waste. We saw a huge opportunity to extend the life of used devices. My co-founders and I come from a waste management background. We started a company in 2009 and spent a significant amount of time on actual waste management projects, including setting up and running a plastic and rubber waste recycling factory for two or three years. We became interested in electronic waste, but we realized that e-waste isn't really e-waste until it sits unused in your house.
What was the idea behind expanding offline and opening physical retail stores?
There were two reasons: First, we believe that our consumers are everywhere. They're both online and offline. Second, because we buy used devices, we refurbish and resell them. We realized about four years ago that trust was missing in the refurbished space. To build trust, we needed a physical touch-and-feel store where people could experience the phones firsthand. Every phone we sell could be different, so having a physical store helps people build trust. These offline stores also serve as service centers. At Cashify, we are also investing in technology to further streamline our operations and enhance the customer experience.
As for numbers, our stores are spread across the top 90 cities in the country. We have stores in all major cities like Bangalore, Delhi, etc., as well as smaller cities like Agra, Meerut, and other tier two and tier three cities.
Can a user sell any device at Cashify, regardless of its age?
Yes, one can. But, we accept devices up to a certain age. For older devices, we offer a recycling program. This means that we will take your old, but we may not be able to give you a value for it. We have a service where we will pick it up from your doorstep, send it to an authorized e-waste recycler, and send you a certificate of destruction via email.
Can one do this with any device, even laptops?
Right now, we only do it for phones. We will be launching laptop recycling soon.
You recently came up with a report on sustainability, tell us about your initiatives there?
Our core mission is to extend the life of devices, reducing the need for new production and minimizing e-waste. By refurbishing and reselling, we aim to contribute to a more sustainable future. We are also exploring initiatives like recycling programs and partnerships with brands to promote e-waste awareness. Cashify is committed to making a positive impact on the environment and providing affordable, high-quality devices to its customers. By choosing refurbished, you're not just saving money but also contributing to a greener future. We work with all OEMs in the country. Whichever OEM you name, we are there at the backend.
How has the recent growth of smartphone sales affected Cashify?
Interestingly, it's benefited us. People are opting for refurbished devices as a more affordable alternative. We have seen a surge in demand for our refurbished products.
Can you elaborate on refurbishment services you offer?
We have our own state-of-the-art facility in Noida where we refurbish devices. Our expert technicians meticulously inspect and repair each device. We wanted to have one concentrated facility because refurbishing operations cannot be run in a very decentralized manner. Managing spare parts is a huge challenge. Noida has all those phone manufacturers, trained manpower, and spare parts easily available. Cashify also offers warranties on our refurbished products, it ranges from six to twelve months, depending on the model.
Tell us about your partnership with retailers like Croma and Unicorn?
We work closely with major retailers to provide buyback and refurbished device solutions. This includes partnerships with OEMs and retailers like Croma, Vijay Sales, Reliance Digital, and Apple authorized resellers.
Is one of the biggest season for Cashify is during iPhone launches?
I wouldn't say it's the biggest season, but it's definitely a good one. We see a significant spike in the number of old phones coming to us. During that one month, the inflow of devices increases by at least 3-4 times.
Do you have any tips for people planning to sell their smartphones or laptops?
Yes, I recommend that people sell their devices as soon as they buy a new one. People often think they'll use their old device as a spare or hand it down, but that doesn't usually happen. They end up putting it in a drawer. Ideally, you should sell it immediately when you upgrade so you can get the best value. If you keep it in a drawer, it will eventually become e-waste and you won't get anything for it. These are valuable resources that are lying unused in people's homes. By selling them, you can extend their life and make them available to others. We've seen that this brings happiness to a lot of people. People are happy to buy an old iPhone 11 or iPhone 12 at a lower price. I've seen people from various demographics who are thrilled to get a phone like that for 25,000 rupees, which they couldn't afford new.
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