Re-commerce marketplace Cashify has acquired UniShop, a platform that helps neighbourhood retailers sell online, for an undisclosed amount in cash and stock as part of its plan to aggressively expand both online and offline.
Cashify, which raised $15 million in a Series D funding round from private equity firm Olympus Capital’s clean energy and sustainability arm in March, is in talks with new and existing investors to raise another $50 million, chief operating officer Nakul Kumar told ET.
Founded in 2013 by Kumar, Mandeep Manocha and Amit Sethi, Cashify has so far raised $40 million from investors such as China’s CDH Investments, Morningside and Aihuishou.
The company offers an online platform to sell old, or used, electronic gadgets, primarily smartphones but also other devices such as laptops, tablets, desktops and gaming consoles.
Moving towards an aggressive offline retail expansion since the beginning of the Covid-19 pandemic, the company has opened 60 offline stores in the National Capital Region, Mumbai, Bengaluru and in smaller cities like Patna, Kanpur and Ranchi. It plans to expand to 150 cities over the next year and a half.
The acquisition is part of its omni-channel strategy, but UniShop will continue to provide services to third-party retailers as well.
“UniShop will be rebranded as PhoneShop and will continue to help mobile retailers across India,” Kumar said.
UniShop founder Hitashi Garg, chief technology officer Ankit Kushwaha and the rest of the team will now become part of Cashify.
UniShop has more than 300,000 small merchants on its platform and it helps them with solutions for management, clienteling, multiple billing modes, stock management, online store development, custom domain, marketing, multiple payment options, personalised promotions, etc.
The Covid-19 outbreak has marked a tipping point for the adoption of ecommerce and mobile commerce platforms and has clearly favoured omnichannel retailers when it comes to minimization of the negative impacts, the company said.
“With UniShop’s tech team and our acumen, we are sure that this product will bring direct-to-customer Internet channels to neighbourhood shops and services to not just survive in this pandemic but see it as a long-term business growth opportunity,” Kumar said.