Cashify has announced ESOP buyback plan worth $1 million for its employees. The startup’s business is trading in old or used mobile phones, but it also makes instant cash payments for laptops and smartwatches.
“Cashify has thrived on the entrepreneurial spirit and sense of responsible ownership that our employees bring in their approach. The ESOP buyback is our way of acknowledging and rewarding their efforts. We believe that this will help unlock value, and create wealth for our high-performing talent,” said founder and CEO, Cashify – Mandeep Manocha.
The startup has recently raised $15 million in a Series D funding round from Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners. Till now, the startup raised a total of $40 million in funding. In 2018, it raised funds from Chinese funds—CDH Investments, Morningside and Aihuishou.
The company plans to utilise the funds for marketing and expanding its offline footprint by adding around 90 stores to its existing 60 by mid-2022. It plans to do so through a franchise model in metro as well as Tier II cities.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.