Re-commerce startup Cashify acqui-hires smaller rival MobiBing
Re-commerce firm Cashify (formerly known as ReGlobe) has acqui-hired Bangalore-based MobiBing, a business to consumer (B2C) marketplace for buying and selling refurbished and unboxed gadgets.
Sibgathulla Zeeshan, founder of Innowhiz Online Services Pvt. Ltd that runs MobiBing, will join the strategic initiatives team at Cashify to upgrade its product offerings and enhance geographical presence. While COO Nadeem Bari will pursue consultancy, the rest of the team at MobiBing will join Cashify.
MobiBing was launched in July 2015. It claims to have shipped devices to more than 100 cities so far.
"We knew that the best way to create great re-commerce consumer experience and more penetration in the south India market was to integrate MobiBing's offering with Cashify," said Mandeep Manocha, CEO and co-founder of Cashify.
Cashify, run by Manak Waste Management Pvt. Ltd, had raised an undisclosed amount from Blume Ventures, M&S Partners and Bessemer Venture Partners in 2015. The company was founded in 2013 by Manocha and Nakul Kumar.
In the same space, Overcart, a marketplace for refurbished and pre-owned goods, raised $3 million from Omidyar Network, Sattva Capital, and Venture Works. Startups that sell refurbished goods include JustLikeNew, Blubirch, Greendust and Reboot.
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