The startup repairs and refurbishes those devices, giving them new lives without which they may have likely ended up in the garbage bin, explained Mandeep Manocha, founder and chief executive of Cashify, in an interview with TechCrunch. The startup is tapping into India’s large market, where over 100 million smartphones ship each year and tens of millions of used smartphones get resold. In the international regions, the firm licenses its enterprise business. The startup said it has been very cautious about hiring new talent in the past, a factor that has allowed it to not cut workforce even in the uncertain times. Prosus Ventures and NewQuest Capital Partners led the seven-year-old Indian startup’s Series E funding, Cashify said on Thursday. Cashify operates an eponymous platform — both online and physical stores and kiosks — for users to sell and buy used smartphones, tablets, laptops and other gadgets. Cashify also has operations outside of India, including in markets including the UAE, Turkey and Bangladesh. “While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach to drive scale and working capital minimization,” said Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest Capital Partners, in a statement.“Its leadership position and success of the PhonePro brand are a testament to the quality of the management team and their vision for the sector.