Gurugram, India, February 14, 2018 --(PR.com
)-- Trifecta Capital today announced that it has provided Rs. 6 crores of venture debt to Manak Waste Management Pvt. Ltd. which owns and operates the online used phone portal Cashify.in. The funds will be used to meet the growing working capital requirements of the Company.
“Our business is growing rapidly, as more and more people are exchanging old devices for new ones. As we prepare ourselves for this growth, we face cash requirements for working capital. In our discussions with Trifecta, we felt they understood the need of the company, and tailored the financing arrangement to it. We could also minimise equity dilution by raising this debt, which is available to the company at attractive terms,” said Mandeep Manocha, CEO, and Co-Founder, Manak Waste Management Pvt. Ltd.
“We are excited to partner with Trifecta for our financing needs, given their deep connections to large Indian business houses and financial institutions. Taking debt from them will allow us to deliver a superior RoE while we continue to accelerate our growth. This deal is truly a win-win from all angles,” said Nakul Kumar, COO & Co-Founder, Manak Waste Management Pvt. Ltd.
“We are thrilled to see the way that Cashify has implemented their vision and put all the pieces of the puzzle in place to enable the best possible price for both buyers and sellers of used gadgets. Their deep partnerships with stalwarts like Amazon, Xiaomi and most recently OnePlus will hold them in good stead, and we are convinced that venture debt is the right solution for their business,” said Rahul Khanna, Co-Founder of Trifecta Capital.
“The Indian consumer is constantly looking for the best deals online to upgrade their lifestyle and their gadgets. In Cashify, we see a true understanding of this ethos, and their business performance is a testimony to their commitment of making sure that the best possible used gadget deals are available in a convenient and hassle-free manner online. This is a company which is all set to be a household brand, and we are glad to join them on their journey,” said Nilesh Kothari, Co-Founder of Trifecta Capital.
About Manak Waste Management Pvt. Ltd.:
Manak Waste Management Pvt. Ltd. owns and operates the online used phone portal Cashify.in formerly ReGlobe. Cashify believes in offering a complete solution wherein customers can sell old or used gadgets hassle-free. Going forward with the motto "one man's waste could be another's resource," Cashify enables the customers to sell their old gadgets online and get instant cash along with free home pick up. From picking up a customer’s call to the making the final payment, everything at Cashify is aimed at providing the best, most convenient and secure solutions to sell old gadgets online.
About Trifecta Capital:
Trifecta Capital provides venture debt to new age businesses across different stages of their development. Trifecta Venture Debt Fund – I is the country’s largest Fund of its kind with a corpus of Rs. 500 crores. Nearly 85% of the Fund’s capital commitments are from large institutions – Banks, Endowments, Insurance Companies, DFIs and Family Offices. Since the commencement of operations in late 2015, the Fund has invested in 23 companies including PaperBoat, Rivigo, Big Basket, Urban Ladder, UrbanClap, Box8, Livspace, Cure.Fit and IdeaForge.
Trifecta Capital works closely with companies to create customized debt financing solutions to cater to various use cases including working capital financing, Capex funding, acquisition financing and special situations. Trifecta Capital also leverages its’ investor network to create meaningful collaboration opportunities for its portfolio companies. For more information, please visit www.trifectacapital.in
Manak Waste Management Pvt. Ltd.
Co-Founder and CEO
Tel: +91-9650328210; Email: firstname.lastname@example.org
Trifecta Capital Advisors LLP
Bengaluru - Mumbai - NCR
Co-Founder and Managing Partner
Tel: +91-9810727372; Email: Nilesh.email@example.com
Co-Founder and Managing Partner
Tel: +91-9820029000; Email: Rahul.firstname.lastname@example.org