Nakul Kumar & Cashify: The Journey of Turning "Garbage into Gold" and Building India's ReCommerce Leader

Discover Nakul Kumar's entrepreneurial journey with Cashify. From early hustles to leading India's re-commerce, a deep dive into his vision & Cashify's success.

"How do you start a business when you don't have a clear business plan or money to back you?" This compelling question, posed at the beginning of a candid conversation, sets the stage for understanding the remarkable entrepreneurial journey of Nakul Kumar, Co-founder and Chief Marketing Officer (CMO) of Cashify. Nakul's story is one of resilience, early entrepreneurial sparks, and a relentless drive to solve real-world problems, ultimately leading to the creation of India's largest end-to-end smartphone solution provider.

This article delves into the multifaceted journey of Nakul Kumar and the impressive growth of Cashify, drawing insights from his experience and an in-depth interview on the Founder Thesis podcast.

Check out the video of the conversation here or read on for insights.

🚀 Nakul Kumar: The Entrepreneurial Bug & Formative Years

For Nakul Kumar, entrepreneurship wasn't an accident; it was a "bug" that bit him early. He humorously recounted on the Founder Thesis podcast how, as a fifth-grader, he turned a profit selling WWF stickers to fund his own collection. This early knack for identifying an opportunity and executing a plan, however small, foreshadowed his future endeavors.

"No, it is a bug... I was in 5th class... I went to the school and I started selling the stickers for 3 rupees... I said that I should have a unique collection and then the teacher caught me."

His academic journey provided a robust foundation. Nakul holds a Bachelor's degree in Engineering (Electronics) from Panjab University. This technical grounding was later complemented by a Master's in European Business (International Management) from the prestigious ESCP Business School and a Post Graduation in International Management from the Management Development Institute (MDI), Gurgaon. This blend of engineering precision and global business strategy equipped him to navigate the complexities of the tech industry.

Before Cashify, Nakul gained corporate experience as a Consultant at Tecnova and was involved in other startups, including ZazzyBox (Co-Founder & Head of Customer Relations). However, his most significant pre-Cashify venture was ReGlobe, which he co-founded and where he served as a Director.

💡 From Waste Management to ReCommerce: The Genesis of Cashify

The path to Cashify wasn't linear. Nakul's initial entrepreneurial foray with Mandeep Manocha (Co-founder and CEO of Cashify) was in waste management, spurred by the 2008 financial crisis and a desire to create social impact. Their first venture involved setting up a waste management plant. This experience, though challenging, was invaluable.

"Nothing is free in India, garbage is also not free. Garbage takes money to collect, garbage takes money to transport, and garbage takes money to process... if the end output is less than the sum of these three, then you won't make money."

This venture, ReGlobe, initially focused on general waste and then e-waste, providing consultancy for the disposal of end-of-life goods for clients like Nokia and IRCTC. It was this deep dive into the e-waste sector that illuminated a massive consumer pain point: the cumbersome, unrewarding, and insecure process of selling old electronic gadgets.

In 2013, ReGlobe underwent a pivotal transformation and rebranded as Cashify. This marked a strategic shift from a B2B consultancy to a C2B (and later B2C for refurbished goods) online marketplace. The mission was clear: to make selling old gadgets as simple and rewarding as buying new ones, while also tackling the burgeoning e-waste problem.

🏢 Cashify: Building India's ReCommerce Behemoth

Cashify set out to transform the way people sell their old electronic devices—smartphones, laptops, tablets, smartwatches, and gaming consoles. The company aimed to address the unorganized used goods market by offering:

• Transparent Price Discovery: Using AI-powered tools for fair valuation.

• Convenience: Free doorstep pickup services.

• Instant Payment: On-the-spot cash for old devices.

• Data Security: Certified data wiping to protect user privacy.

• Quality Refurbished Goods: Offering certified refurbished devices (under brands like PhonePro) with warranties, making technology more accessible and affordable.

• Device Repair Services: Doorstep mobile repair (ScreenPro for screens) with warranty.

• Device Recycling Program: Ensuring environmentally responsible disposal.

Nakul Kumar initially served as the Co-Founder & COO of Cashify from January 2013 to February 2020, overseeing operational, managerial, and administrative procedures. Since February 2022, he has taken on the role of Co-Founder & CMO, focusing on strengthening Cashify's market presence, brand narrative, and customer engagement. This transition highlights his leadership philosophy:

"I do not limit myself from thinking insane things, and trying to figure a logic on if you can do it."

Cashify's growth strategy is multifaceted:

• Omnichannel Approach: A strong online platform (website and app with over 10 million downloads) complemented by a rapidly expanding offline retail presence. Starting with one store in Faridabad in 2019, Cashify now has approximately 200 stores across India, with plans to reach 400 in the next 2-3 years.

• Strategic Partnerships: Collaborations with major OEMs (Apple, Xiaomi, OnePlus, Samsung, HP, Dell), e-commerce giants (Amazon, Flipkart), and retailers (Croma) to power exchange programs and sell refurbished devices.

• Direct-to-Consumer (D2C) Focus: Increasing emphasis on the D2C model, which reportedly accounts for a significant portion of revenue, allowing greater control over the customer experience and value chain.

• Marketing & Brand Building: Engaging brand ambassadors like Rajkummar Rao and Rashmika Mandanna.

• Strategic Acquisitions: Acquiring companies like MobiBing, Teksolvr, and UniShop to bolster capabilities.

📊 Cashify by the Numbers: A Story of Growth and Impact

Cashify's journey is marked by significant milestones in funding, revenue, and market reach:

• Customers Served: Over 1.4 crore (14 million) customers.

• Devices Bought & Sold: Reportedly bought over 50 lakh (5 million) devices and sold over 40 lakh (4 million) electronic items. One source indicated processing 150,000 devices sold per month.

• Payout to Customers: As highlighted in the Founder Thesis podcast, Cashify has paid more than ₹1,400 crore (approx. $187 million USD) to over 20 lakh (2 million) people for their old gadgets.

• Funding: Cashify has successfully raised substantial capital over multiple rounds. While figures vary slightly, one consistent report indicates total funding of around $140 million over 8 rounds. Key investors include NewQuest Capital Partners, Prosus, Amazon, Blume Ventures, Shunwei Capital, Bessemer Venture Partners, Olympus Capital Asia, and Aihuishou. A significant Series E round of $90 million was raised in June 2022, and a Venture Round of $98 million in November 2023.

• Valuation: As of September 2022, Cashify's valuation was reported at ₹1,980 Crore (approximately $250 million).

• Revenue Trajectory:

  • FY22: Reported revenue from operations was ₹498 Crore.

  • FY23: Reported revenue from operations grew to approximately ₹816-817 Crore (a ~64-65% YoY growth).

  • FY24: Achieved revenue was reported as ₹935 Crore, with projections aiming for ₹1200 Crore.

• Profitability Goals: While historically prioritizing growth and market expansion (leading to net losses, e.g., -₹99.0 Crore in FY22 and -₹147.9 Crore in FY23), Cashify is now sharply focused on achieving full-year profitability by the fiscal year ending March 2025. Losses were targeted to be reduced by 63% in FY24.

• Team Strength: Expanded from 3 individuals in 2013 to over 800 employees within six years. The company anticipates adding approximately 1,000 more employees in the next 2-3 years, with around 600 for retail operations.

• Offline Presence: Around 200 offline stores, with a strong presence in metropolitan and Tier-II cities.

🌟 Nakul Kumar’s Vision: Beyond Transactions to Lifecycle Management

Nakul Kumar envisions Cashify as more than just a buyback platform. His goal is for Cashify to manage the entire "phone night cycle of the user"—an ecosystem offering services that span a device's lifecycle, including sales (new and refurbished), buybacks, repairs, insurance, extended warranties, and accessories. This holistic approach aims to build enduring customer relationships and diversify revenue streams.

The company's mission is twofold: to simplify the process of selling old smartphones and to make technology more accessible, budget-friendly, and sustainable, aligning with their guiding principle: "Building a world where tech doesn't need to cost the pocket or the planet."

🚧 Navigating the ReCommerce Landscape: Challenges and Opportunities

The re-commerce industry in India, while brimming with potential, presents its own set of challenges:

• Competition: From organized players, online marketplaces, and the vast unorganized sector (which still handles ~85% of the secondary market).

• Building Trust: Overcoming consumer apprehension about used/refurbished goods.

• Logistics: Managing complex reverse logistics across a diverse geography.

• Supply Consistency: Ensuring a steady supply of used devices.

• Regulatory Environment: Navigating evolving e-waste, data privacy, and GST regulations.

Cashify's strategy of an omnichannel presence, quality assurance, technological leverage, and a strong brand narrative positions it well to address these challenges. The focus on profitability also signals a strategic maturation as it eyes a potential Initial Public Offering (IPO) targeted for FY27-28.

🌱 The Road Ahead for Nakul Kumar and Cashify

Nakul Kumar's journey from a curious kid selling stickers to co-founding and shaping a re-commerce giant like Cashify is a powerful narrative of Indian entrepreneurship. His leadership, characterized by ambitious thinking and data-driven execution, continues to steer Cashify towards new heights.

Cashify's commitment to solving the e-waste problem while providing tangible value to consumers has cemented its place as a key player in India's circular economy. As it expands its services, penetrates deeper into new markets, and diversifies its product categories (planning to expand refurbished offerings in laptops, smartwatches, and tablets), Cashify is a company to watch.

Nakul Kumar and Cashify are not just building a business; they are redefining how India interacts with technology, making it more sustainable and accessible for millions.

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Until the next founder's thesis📕,

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