• InstaCash goes pan India with mobile buyback services across 1200 cities.
• Tier 2-3 Smartphones markets growing at 53% every year: IDC
• Rapid urbanisation & better connectivity in tier II & III cities transforming smartphone ecosystem.
• By 2020, e-waste from discarded mobile phones will be about 18 times higher : ASSOCHAM Study
Jaipur, India, March 18, 2019 : InstaCash, a leading player in the re-commerce industry is all set to foray pan India with mobile buyback services across 1200 tier I, II, III cities of the country. The expansion aims at tapping the highly potential tier II-III smartphone markets which is moving with the pace of 53% growth every year according to reports by IDC. Company’s expansion will foster mobile phone buy back in the cities bringing drastic changes in the overall second hand trade-in ecosystem.
In Q2, Company has rapidly expanded its services to all the metros & tier 1 cities along with its international expansion in south Asian countries like Malaysia & Singapore signaling a steep expansion curve within 27 months since its inception in early 2017.
According to IDC India analyst, Rapid urbanisation will transform the new consumption smartphones hubs, especially the tier II cities. New investments are leading to better connectivity and generating new employment opportunities in these cities, further increasing consumption in these markets. Offers like zero down-payment plans, no-cost EMI, freebies and cashbacks from e-commerce players like Amazon and Flipkart, has lowered the effective prices of smartphones hence driving the smartphone purchases in tier II – III areas.
“As smartphone consumers in tier II and III cities are becoming more aware due to 4G revolution, and demand for phone upgrades will considerably increase in the region. In majority cases buyback companies focus on the tier I markets for its operation, creating a big demand pool in the tier II – III cities. Seeking the demand, InstaCash as a tech startup seems to explore low-tier re-commerce markets to largely benefit them through this innovative platform for selling used phones.
The objective behind our mass expansion in these regions is to address the high potential pool of customers looking for convenient mobile phone trade-in options for cash. This move can bring some order in the unorganised second hand smartphone market in these regions”, said Prateek Goel, Co-Founder, InstaCash.
He also quoted ASSOCHAM-KPMG study, Electronic Waste Management in India identified telecommunication equipment-phones contributes to 12% of e-waste from households. This increase in quantity of mobile-waste is because of increased consumption but also obsolescence, wherein users discard old mobiles much faster than before. The report predicts that by 2020, e-waste from discarded mobile phones will be about 18 times higher than their respective 2007 levels.
Owing to this surplus increase of mobile waste issue in households, Prateek Goel adds, “This expansion will which also provides them buyback money from their old phones & help in channelizing the accumulated old mobile waste effectively households, ” adding to this regard, Dixit Singhvi quoted “As current used smartphone market is totally unorganized, it may pose a threat of illegal use of smartphones floating in such market. InstaCash solves this issue by ensuring complete ownership transfer of device to make phone selling a safe and genuine process for the consumers.
InstaCash, Jaipur based startup wants to transform the way people sell their used/old phones at best price at convenience of their door step through its intelligent platform