New Delhi: Following the success of a pilot project in the Delhi, InstaCash, a Consumer to Business (C2B) trade platform of secondhand smartphones is now looking to expand its footprints in Mumbai and Jaipur.
Since the internet penetration is increasing day-by-day, the demand of popular handset models and brands is also rising. Affordability of top models of popular brands is an issue and smartphones are still out of the reach for the low and medium income groups of people in India.
In a short span of nine months, InstaCash has bought about 12,000 Smartphones from its C2B app and these refurbished smartphones are in high demand in the Tier-II and III markets of India.
Citing that the company in January 2018 will also be launching InstaCash App service in Bangalore, Ahmedabad, Pune and Kolkata, Prateek Goel, Founder of InstaCash said that with the changed market conditions worldwide, the Smartphones market is shifted from ‘Collect-Recycle’ to ‘Collect-Refurbish-Resell’ for sipping margins.
“In India, a smartphone has three afterlives post its first purchase. We see Delhi, Mumbai and Jaipur as some of the big markets since there is a huge potential of buying from these cities and selling refurbished smartphones in rest of the Indian markets,” Goel stated.
The key driver of C2B market in these cities is the willingness to buy high-end models, shorter replacement lifecycle, low pocket size buyers, brand attraction etc.