InstaCash eyes to expand footprint in refurbished smartphone market

With refurbished mobile phone market creating new opportunities, Jaipur-based technology player, InstaCash acts as a complete chain by providing a one-stop platform for selling used smartphones, and supplying refurbished smartphones to potential markets in the hinterlands.

Launched about nine-months ago, InstaCash platform provides a transparent price discovery mechanism for used smartphones. After successful pilot project in Delhi-NCR, this customer-to-business (C2B) trade platform of used smartphones is now expanding its footprints in Mumbai and Jaipur.

Since the launch, InstaCash has bought about 12,000 smartphones from its C2B app and supplied refurbished smartphones to the high-demand markets in the tier-II and -III towns of India.

Prateek Goel, Founder of InstaCash, said: "We have a data-driven pricing engine, We provide buy-back at the guaranteed price. Delhi, Mumbai and Jaipur are some of the big markets since there is a huge potential of buying from these cities and selling refurbished Smartphones in rest of the Indian markets. This month, we are also launching InstaCash App service in Bengaluru, Ahmedabad, Pune and Kolkata."

The company facilitates a smartphone owner to sell his device in as little as 60 seconds with self-diagnosis of the phone and get a quote of the best suitable price. Through the app itself, the owner can ask for the home-pickup and get paid through e-wallets or online transfer or cash.

InstaCash gives marginally higher price in comparison of unorganized buy-back shops.

As per industry reports, India has an unorganised market of 70 million refurbished smartphones with a year-on-year 35 per cent growth, said Goel.

"Key drivers of C2B market in these cities are – willingness to buy high-end models, shorter replacement lifecycle, low pocket size buyers, brand attraction among others," added Goel

With increasing internet penetration, demand for popular handset models and brands is also rising. Affordability of top models of popular smartphones brands is still out of the reach for the low-budget groups. This is seen as the key driver to boost the demand for refurbished market.