Prateek is a revolutionary innovator and serial entrepreneur. Prateek began his business venture with mates in a university dorm room in 2009, and over the last 12 years, he had already successfully co-founded and exited Codescape and Teramatrix Technologies, a digital foray in telecom and Internet of Things that serves customers in India, Bhutan, Ghana – Africa. Latest venture is InstaCash, a startup that challenges the established shattered supply-chain in used, pre-owned, and end of life smartphones and other electronic devices.
InstaCash is a re-commerce startup that refurbishes and recycles smartphones. They acquire from customers and provide immediate smartphone assessments. The valuation is clearly defined and instant. When the client approves the pricing, they collect the gadget from the client’s premises, but not before the payment has arrived in the client’s wallet/bank balance. People may trade their cellphones from the comfort of their own homes in this manner. They wouldn’t have to haggle with any potential buyers. The transaction is completed with all necessary documents, assuring the safety of both the seller and buyer.
Experts assisted by AI, re-evaluate the goods after it has been delivered to determine if the item is suitable for sale, needs refurbishment or must be recycled. Whereas if the result is affirmative, the item is recycled then sold.
In North and Middle India, InstaCash has a wholesale buyer base of over 200+ partners. They provide the item to them, and they then market it at their stores. They currently intend to offer their items straight to clients via the internet medium.
They manage their web portal InstaCash, which is additionally accessible as an application, and partner with Amazon and Flipkart to sell their stock being bought-back through exchange programs. They encompass nations across South-East Asia such as Malaysia, Taiwan, Singapore, and the Philippines, in addition to India.
InstaCash was originally founded in 2015 as ZeroWaste. They began with a five-person crew. His co-founder and three others who work with him. And they now are around 50 people strong.
They began the journey intending to recycle electronic items and started with consumer durables like televisions, washing machines, air conditioners and refrigerators. And quickly saw the potential in smartphone device lifecycle management. One, diagnosing such products was difficult. It was a personal observation. So, in 2017, they pivoted to cell phones and linked InstaCash to an application that performs a 40-point scan on the smartphone. They’re creating a 360° cycle for smartphones that will ultimately include other smart devices.
However, there were more than a few obstacles to overcome. The way InstaCash team overcome these obstacles and fought to be relevant, is an inspiration for a lot of people.
They grew from managing approximately 10,000 devices annually in 2016, to about 1.2 lakhs devices today, crossing a turnover milestone of about INR 80 Cr in fiscal year 2020-21. His efforts paid off well and surely, he will lead this initiative to a much greater level.