Re-commerce marketplace and refurbished mobile retail chain Cashify plans to launch 250 stores by March 2023, and aims for a year-over-year growth of 120 per cent.
In addition, the company plans to expand to 30 more cities by the end of 2022, and by the end of this year, it will be present in over 100 cities.
The company believes that the expansion will strengthen its offline presence in India, focusing primarily on tier-2 cities. Through this, Cashify aims to be among one of India’s top five mobile retail chains.
Cashify said that after it opened its 100th store in March 2022, it registered a 70 per cent growth within eight months. Currently, the company has 170 stores in over 77 cities across India.
The company said it continues to garner demand with a footfall of around 2 lakh people per month for services such as phone repair, purchasing refurbished phones, selling old phones, and buying accessories for their devices.
‘Strengthening trust’
Alok Shukla, VP-Retail at Cashify said, “Our brand’s expansion plans for 2023 are coupled with strengthening the trust we have built with our consumers through our distinguished services and seamless access to our stores and products. In the last couple of years, we have witnessed multifold growth in terms of expansion, consumer reach, and marketing.”
Cashify said it is witnessing exceptional response from tier-1, -2, and -3 cities and have devised specific strategies for multiple touchpoints with the customers.
“With 40 per cent of business being driven through online channels and 60 per cent focusing on offline retail stores, we will soon convert stores into exclusive experience centers where consumers can select their phones through the online portal and test their chosen device in any offline store in the chain,” Shukla added.
Founded by Mandeep Manocha, Nakul Kumar, Amit Sethi, and Siddhant Dhingra, Cashify is a re-commerce marketplace that offers an online platform to sell old or used electronic gadgets — primarily smartphones, followed by laptops, tablets, desktops, and gaming consoles.