Cashify Takes Over UniShop; Empowers Indian Mobile Retailers

Cashify, the re-commerce marketplace, has acquired Unishop, an omnichannel retail solution platform, in an undisclosed deal where UniShop will be rebranded as PhoneShop and support Indian mobile retailers across India.

In a statement, Cashify announced that this new development would further help the company to diversify the eCommerce offerings by strengthening mobile retailers to get a better web presence by building their brands and generate better profits by competing with big eCommerce players.

Talking about the new development, Nakul Kumar, COO and Co-founder, Cashify, said

“The opportunity to take small businesses online is the next big ecommerce wave. A seller today should have an online presence to attract customers for convenience and better reach. The collaboration resonates well with Cashify’s commitment to democratising technology as well as growing strategically in the ecommerce space.

Further, we see this as an extension of our team and are excited to have Unishop as a partner, as they have a great understanding of the market and retailers' needs, especially in a Covid world where retailers must go digital to reach the highest potential. With UniShop's tech team and our acumen, we are sure that this product will bring direct-to-customer internet channels to neighbourhood shops and services to not just survive in this pandemic but see it as a long-term business growth opportunity.”

UniShop has supported more than three lakh small merchants go online with their entrepreneurial dreams. Cashify, on the other hand, has opened 60 offline stores across Delhi-NCR, Mumbai, Bengaluru, and Tier-II cities and plans to expand to 150 stores in the country shortly.

Hitashi Garg, Founder at UniShop (now PhoneShop), said, "Both UniShop and Cashify could see synergies, where both wanted to help small retailers compete with the big boys. We were sold to the vision and idea of doing the same at a much larger scale with Cashify."

The acquisition unites both the entities where Hitashi; Ankit Kushwaha, the CTO; and the rest of the UniShop team will become a part of Cashify.

Reportedly, Passion Connect helped both the companies to connect on the same table in cracking the deal.

Commenting on the deal, Sanam Rawal, Lead Talent Advisor at Passion Connect, said, "When we reached out to UniShop, we instantly saw the talent that the team has and the potential in their product. We loved their way of thinking and knew that Cashify would be a good fit."

With this deal, Cashify aims to simplify the process of device management and helps 20 lakh customers better price discovery, cash-in-hand, and many more features in a streamlined manner.