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Jaipur-based recommerce platform InstaCash has raised an undisclosed sum in fresh funding from Singapore-based CompAsia, an information technology refurbishment firm, a company statement said.
The startup, which runs a web portal and a mobile app, allows users to resell their used or old smartphones on its platform and offers home pick-up and instant payment facilities.
“India 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 the Southeast Asian markets, which will help us reach out to more customers,” said Julius Lim, chief executive of CompAsia in the statement.
He added that the strategic investment will help CompAsia reach a target of selling 6 to 7 million devices by 2020, where InstaCash is likely to contribute 1 million devices to the supply chain.
InstaCash was founded in 2017 by Prateek Goel, an entrepreneur who has previously founded ventures such as ZeroWaste, an on-demand recommerce platform for electronics products; Teramatrix, an Internet of Things startup; and Codescape, an IT services firm.
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