Nivedita Bhattacharjee · · 2 min readBlume-backed Cashify buys tiny rival MobiBing
Photo credit: Cashify, an online platform for selling old and used gadgets, today said it had bought smaller rival MobiBing in a cash and stock deal as it tries to get a better foothold in the southern part of India.
Delhi-based Cashify has a 110 member team and counts companies like Samsung, Snapdeal, and Amazon as clients. It is backed by investment firms Bessemer Venture Partners, Blume Ventures, and M&S Partners. MobiBing is a four-member startup team based in Bangalore.
“When companies run their buyback schemes, we provide them back-end and logistics support,” founder and chief executive Mandeep Manocha told Tech in Asia. “We operate across the country, but we wanted to have a stronger presence in south India and MobiBing was a good fit.”
Mandeep said it wasn’t a VC-backed deal, meaning the companies do not share a common investor. Often, when startups share common investors, they broker deals among potential rivals in a bid to consolidate the market and make exits. The Flipkart-Myntra deal of 2014 is a prominent example of a VC-backed deal in the Indian startup industry.
MobiBing was a part of the Google Developer Launchpad in India, as well as a part of the Microsoft Bizsparks program. Most of the team will join the Cashify as employees.
The companies did not give out financial details of the deal.
Editing by Charlie Custer
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