InstaCash raises funds & announces strategic Investment with CompAsia

Jaipur based InstaCash, Co-founded by Prateek Goel and Dixit Singhvi is a re-commerce platform to sell old/used mobile phones, has raised an undisclosed amount of funding from CompAsia, a Singapore-based mobile lifecycle solution provider having footprints in major South East Asian and East Asian countries.

InstaCash plans to utilize the funds for scaling the business in India and expanding its reach in International markets like South East Asia and East Asia. Currently, InstaCash is operational in 13 & 8 cities in India and Malaysia respectively.

Headquartered in Jaipur, InstaCash platform offers best resale price of the old phone along with home pickup and instant payment facilities. InstaCash mobile app tests the phone functionalities & conditions and uses an intelligent algorithm to provide the assured value of phone in no time. The key competitors of InstaCash are Cashify, Budli etc.

Recommerce or reverse commerce is the process of selling used, old, previously owned products through online or offline channels.

Prateek Goel, Co-founder & CEO of InstaCash expressed that, “We are very excited about this strategic investment with CompAsia which will help us scale our business in India and expand our presence in the high potential markets of Southeast Asia. InstaCash is an expert in Buying used smartphones while CompAsia masters the art of selling them. I believe it’s a match made in heaven and we plan to utilize this to our advantage.”

He further added that “India being the largest unorganized market of old/used phones which is continuously growing, and we aim to scale up the organized market in the country by providing innovative solutions & best resale value of old phone, at the convenience of their doorstep.”

Julius Lim, Founder & CEO of CompAsia added “Indian being the second largest smartphone market, the investment in InstaCash gives CompAsia a footprint in the huge Indian smartphone market. In addition, we have recently launched the InstaCash app in Malaysia and will soon roll it out to the rest of South-East Asian markets which will help us reach out to more customers.”

He also added, “Our target is to sell 6 million to 7 million devices by 2020. And with this strategic partnership with InstaCash, we will build a consumer-to-business (c2b) portion of the supply chain which will eventually contribute to about 1 million devices.”

As InstaCash has already tapped its footprints in major cities of India, company plans to further focus on all India expansion by creating extensive brand awareness through both offline and online channels, eyeing its goal to sees itself as a future leader of re-commerce industry in India.