The Indian economy is a buyer’s economy if we look at the growth in the number of smartphones manufacturer in the last 5 years in the country we would know why it is called a buyers economy. The growth of mobile phone manufacturers in India from 2 units in 2014 to 268 units in 2019. 53% of the new phones are being added in tier 2 and tier 3 cities.
This figure also highlights the hidden fact that also 18% higher numbers of phones are today being discarded and adding up to the e-waste. As environmental concerns today alarm everyone, we cannot ignore the fact that platforms that provide an easy and safe way to resale or recycle your old mobile phones will become more and more crucial to manage the environment friendly sustainability of the smartphone revolution.
InstaCash, founded in the year 2017 by Prateek Goel and Dixit Singhvi, is on a mission to create a sustainable environment to resale old mobile phones and create benchmark and standardisation of valuation of old mobile handsets. InstaCash has a reach more than 1500 cities across the globe and in last year alone has transacted almost 100k mobile handsets through the platform. The platform designed to work on AI-based solutions, which allows consumers to get value for their old handset from the comfort of their own homes. The idea of re-commerce enticed Prateek on a trip to Western Africa where he saw first-hand the issue of mounting e-waste through consumer durables. The need to solve the problem of mounting e-waste leads to the formation of the platform InstaCash.
The platform gives users the evaluation of smartphone devices in less than a minute.The user also has the option than to set up a pick up for their old devices and the transaction is completed with home pick up of mobile handset and value being credited in user’s bank account directly.
The platform in the last one-year has evaluated 5,00,000 number of phones and has expanded its services across Southeast Asian nations of Malaysia, Singapore,Philippines, Taiwan and Hongkong with local partnerships. InstaCash’s trade grew 250% over previous 12 months, thus extending the avg. usable life of a used smartphone by 10-12 months.
InstaCash is simplifying the re-commerce supply chain with consistent & quality sourcing for its customers & vendors. They are working with major e-commerce platforms too, to unlock the potential in customer returns and surplus inventory.
The current platform also partners with many handset manufacturers like Vivo, Oppo and many more, within India and SE Asia. They are also giving additional discounts to platform users on upgrading their old smartphones with the latest versions.
As India marches its way towards 5G platforms like InstaCash will not only help manufacturer reach their target audience for the upgrade but also ensure safe and zero waste of smartphones. Hence is not wrong to say that re-commerce is a silent but more sustainable solution to the constant mobile upgrade race that we live in today.