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Re-commerce <keyword id="125920" type="General" weightage="20" keywordseo="marketplace" source="Orion">marketplace</keyword> Casify on Thursday said it has secured $90 million in its Series E funding from NewQuest <keyword id="330425" type="General" weightage="20" keywordseo="capital-partners" source="Orion">Capital Partners</keyword> and Prosus. The new funds will be utilised towards strengthening the team, building technology infrastructure and enhancing marketing efforts on branding, the company said in a statement. Existing investors Bessemer, Blume Ventures and Olympus Capital invested in this round, with participation from new investor, Paramark Ventures. "We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy," said Mandeep Manocha, Founder and CEO of <keyword id="3501427" type="General" weightage="20" keywordseo="cashify" source="Orion">Cashify</keyword>. Apart from smartphone buyback, Cashify has become a smartphone-centric brand with comprehensive mobile care at users' doorsteps. Cashify has more than 40 lakh customers and is a buyback partner for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung and Dell in India. "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," said Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/long-covid-symptoms-can-last-up-to-two-months-in-children-says-lancet-study/articleshow/92400864.cms">Long Covid symptoms can last up to two months in children says Lancet study</a> <a href="https://www.businessinsider.in/business/news/itc-seizes-the-market-its-sales-surpass-their-pre-pandemic-levels/articleshow/92400727.cms">ITC seizes the market; its sales surpass their pre-pandemic levels</a>

Recommerce platform Cashify raises $90 mn in its Series E funding

FundriseA rendering of a Fundrise development.For many American millennials, buying a new home in a city like Los Angeles or Washington DC can seem like a pipe dream. According to a recent survey by Apartment List, <a href="http://www.cnbc.com/2017/05/26/most-millennials-want-to-buy-a-home-but-about-half-have-nothing-saved.html">80% of millennials</a> - defined as those born between 1980 and 1995 - say they want to buy a home, but most have less than $1,000 saved a for a down payment. Meanwhile, buying a house in America's largest cities is more expensive now than ever. A severe housing shortage in LA, for example, has led <a href="http://www.latimes.com/local/california/la-me-lopez-housing-crisis-06182017-story.html">over 400,000 households</a> to spend more than half their income on housing.<a href="https://fundrise.com/?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=search_term-fundrise-usa-20170701&amp;utm_content=text-fundriseplus&amp;gclid=CJLclbrAidUCFYaEswodgPQGfw">Fundrise</a>, a housing management company based in DC, has developed a new investment platform, called <a href="https://fundrise.com/products/efunds">the eFund</a>, that aims to alleviate housing costs for young people.It's sort of like crowdfunding for homes: Prospective homebuyers purchase shares (a minimum investment is 100 shares, currently $10 each), the sum of which funds housing renovations and new developments in their city. These investors then get notified through the "eFund Pool" about finished homes, which are offered at up to a 10% lower price than it would be if they were going through a broker.The eFund's goal is to construct new housing in popular cities, and help young people find relatively affordable homes, Ben Miller, co-founder and CEO of Fundrise, told Business Insider."Essentially, a whole generation - tens of millions of people - are moving from renting to buying and having families. But unlike their parents, the idea of moving way out into the suburbs is not on their agenda," he said. "But that's not how the American housing business is built. It's built around people moving to the suburbs and buying the white picket fence house made by the public homebuilder. And that's not in the cards, in my opinion."FundriseA rendering of a Fundrise development.LA was the first city to get a $50 million eFund in early July 2017. The startup plans to launch another eFund in Washington, DC in August, and then other major US cities by the end of the year.Within the first week of launching, nearly 6,000 people have invested at least $1,000 each in the LA eFund, Miller said. Most of these investors are younger than 35.Shaun Long, a 27-year-old who lives in DC, got early access to the DC eFund this summer. With a broker, he has looked at dozens of homes, but has struggled to find something that he can afford. He currently rents a 500-square-foot apartment in East Capitol Hill, but hopes to eventually find his dream home - a row house with a roof deck in the same neighborhood - through the eFund pool."There have been some homes that are within my price range, but they are few and far between. My main fear is to overstretch and put myself in a situation where I would have to stretch myself to pay a mortgage," Long told BI.So far, he has invested $2,000 in the DC eFund, which will go toward the construction and renovation of homes in the city. Here's one that Fundrise recently renovated in Los Angeles:FundriseA renovated home from Fundrise's eFund in Los Angeles.The money raised through the new eFunds goes towards land, renovation, and construction, Miller said. Working with local homebuilders, Fundrise estimates that the program could build between 250 and 750 new homes over the next five years, and 20 homes in Hollywood are already under construction.EFund investors will have a period of exclusivity to bid on finished homes before they're opened up to the general public. Even if they don't purchase a home, they can make money on their investments over time. Fundrise's homes will still likely be on the upper end of what many millennials can afford. Miller said the homes in LA will go for $700,000 to $1 million, due to the city's high cost of land, materials, and labor.The company offers a new way to find a larger home at a bargain, but it's tough to predict how eFunds will affect median housing prices in these cities. As Fast Company <a href="https://www.fastcompany.com/40431488/can-this-crowdfunding-platform-help-build-the-kind-of-houses-millennials-want-to-buy">notes</a>, Fundrise's model may not meaningfully address the problem of affordable housing at scale. According to <a href="http://news.berkeley.edu/2016/05/23/researchers-stress-role-of-subsidized-housing-in-easing-affordability-crisis/">one study</a>, increasing the supply of market-rate housing could eventually lower overall housing costs, but the process would likely take decades. <a href="https://nextcity.org/daily/entry/market-rate-housing-mitigating-displacement-bay-area-communities">Another study</a> conducted in the Bay Area, however, suggests that high-construction neighborhoods see the least displacement of low-income residents.When asked about how the eFund model could perpetuate <a href="https://www.theatlantic.com/politics/archive/2015/09/this-is-what-happens-after-a-neighborhood-gets-gentrified/432813/">gentrification</a> in LA and DC, Miller said "resistance to change is causing housing prices to go up."FundriseA renovated home from Fundrise's eFund in Los Angeles.A large reason new urban housing developments don't go forward is pushback from current residents, he said. Miller predicts that, since eFund investors have invested thousands of dollars in proposed homes, they will advocate for zoning changes or elect local officials that make construction possible. "The big opportunity is to get the millennial generation activated and empowered. A lot of bad things are happening, because they're not showing up to vote," he said. "In California, you're seeing these referendums on the ballot to shut down new construction. And a lot of times, they masquerade as being anti-gentrification. I know their intention is positive, but it will prevent millions of people from living in the cities." <h3>NOW WATCH: <a href="http://www.businessinsider.com/motorised-hydrofoil-surfboard-fly-over-the-water-efoil-liftfoil-speed-surfing-holiday-2017-6">This motorised surfboard can 'fly' over the water at 25 mph</a></h3> Please enable Javascript to watch this video

America's largest cities are so expensive that some millennials are crowdfunding their homes

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/883240792">Scott Olson/Getty Images</a>American Airlines may make customers who paid for non-refundable flights pay for a new one if they want to change the time.</div></div></div><ul class="summary-list"><li>Congress is negotiating a bill that could strip airlines of their power to levy extra fees, such as for flight changes and extra baggage.</li><li>If it passes, American Airlines would almost certainly remove the option for customers to change their ticket if they bought a non-refundable flight, CEO Doug Parker said.</li><li>Major US airline companies, including American Airlines, currently charge a $200 change fee for non-refundable flights.</li><li>Parker said: "We - like the baseball team, like the opera - would say, 'We're sorry, it was nonr-efundable.'"</li></ul>American Airlines is threatening to make customers who paid for non-refundable flights pay for a new one if they want to change the time.Doug Parker, the airlines' CEO, said according to the Associated Press: "We - like the baseball team, like the opera - would say, 'We're sorry, it was non-refundable.'"Parker's statement comes as the House and Senate <a href="https://www.wsj.com/articles/airlines-fight-push-to-regulate-ticket-change-fees-1537451390">negotiate a bill</a> to reauthorize the Federal Aviation Administration, which would include clauses stripping airlines of their power to levy extra fees, including those for flight changes and extra baggage. The FAA reauthorization bill needs to be finalized by September 30.Parker said that if the provision becomes law, American Airlines would almost certainly remove the option for customers to change their ticket if they bought a non-refundable flight - the cheapest fare.Business Insider has contacted American Airlines for further comment.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Alex Wong/GettyAmerican Airlines CEO Doug Parker likened changing a flight time to changing a baseball game or an opera performance.</div></div></div>American Airlines currently charges a <a href="https://www.aa.com/i18n/customer-service/support/optional-service-fees.jsp">$200 change fee</a> on non-refundable domestic flights.Parker said that it doesn't cost the airlines $200 to change a customer's ticket, but stood by its extra charge.He said, according to the Associated Press: "We knew that seat was going to be filled. It allowed us to do other things as we sold the rest of the airplane."If you want to change that, we have a new product but it's going to cost you something because it cost us something."Many other major US airline companies also charge a $200 change fee on non-refundable flights. Southwest Airlines, however, allows customers to change or cancel their tickets for free.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Mike Blake / ReutersAirline companies have raised their prices to offset rising fuel prices.</div></div></div>Airline companies have earned billions in extra fees in recent years.US airlines received $2.9 billion in flight change fees last year, with American Airlines earning the most out of all of them with $878 million, the Associated Press reported.Fees for checked baggage also brought airlines an extra $4.6 billion last year, the Wall Street Journal <a href="https://www.wsj.com/articles/airlines-raise-fees-for-bags-other-services-1535713201">reported</a> - ten times more than the $464 million those same fees reaped ten years ago.The price of crude oil increased more than 50% over the past year, <a href="http://uk.businessinsider.com/delta-air-lines-revenues-up-profits-fall-due-to-high-fuel-costs-2018-7">denting the profits of many airline companies</a>. Companies across the industry have warned that the extra cost would be passed onto the customer in the shape of <a href="http://uk.businessinsider.com/plane-tickets-get-more-expensive-oil-prices-airlines-warn-2018-6">increased plane tickets</a> and <a href="https://www.wsj.com/articles/airlines-raise-fees-for-bags-other-services-1535713201?mod=article_inline">change fees</a>.American Airlines on Friday will also join Delta Air Lines and United Airlines in <a href="http://uk.businessinsider.com/american-delta-united-all-raise-checked-baggage-fees-2018-9">raising the fee of one checked bag from $25 to $30</a> in an industry-wide trend known as "unbundling."Unbundling is the practice of separating various costs of services like baggage check, security check, seat assignments, meals, wi-fi use, and early boarding into their own price points. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/semi-trike-motorcycle-bus-spare-semitruck-parts-2018-8">This trike is made to look like a semitruck</a></h3> <div> </div> </div>

American Airlines threatens to make people pay for a whole new flight if they want to change the time

India's leading digital payments platform <a href="http://www.businessinsider.in/Snapdeal-owned-FreeCharge-sets-Rs-20000-crore-business-target-by-March-2017/articleshow/50667008.cms">Freecharge </a>has appointed <keyword id="3339827" type="UNKNOWN" weightage="100" keywordseo="Fareed-Jawad">Fareed Jawad</keyword> as the Vice President for its Principal Product Architect as well as Payments. For this role, Fareed would be required to to build payments technologies at <a href="http://www.businessinsider.in/FreeCharge-wants-to-joinRBIs-bill-payment-system/articleshow/50296635.cms">Freecharge</a>, and lead the efforts on building technologies for solving the unique payments problems that India faces. 
 
Before this, Fareed was serving as Principal Product Architect at Amazon India, building the core payment processing infrastructure as a part of his role. Prior to that, he has worked with Flipkart as Director - Product Management and was also a part of the core team that launched PayZippy. 
 
"Fareed's appointment reaffirms Freecharge's commitment to hiring the industry's best talent. We are on a cusp of a revolution to accelerate the <a href="http://www.businessinsider.in/Fintech-sector-attracting-talent/articleshow/51991900.cms">FinTech </a>capabilities in India. We look forward to Fareed's contribution in strengthening our technical expertise and payments capabilities with his in-depth understanding of payments sector. Fareed will be responsible for developing products for customers and merchants both online and offline, in line with our vision to be the digital OS for the <a href="http://www.businessinsider.in/Attention-please-PayTM-FreeCharge-files-patent-for-OTP-alternative/articleshow/50120232.cms">payments business</a> in India." said Govind Rajan, COO, <a href="http://www.businessinsider.in/Freecharge-gets-fund-booster-as-Snapdeal-readies-to-raise-300-million/articleshow/49565011.cms">Freecharge</a>. 
 
Fareed has had a long stint in the payments industry, being associated with it right from the earliest payment gateways with VeriFone in the US. His career path also included stints with large payment processors like Moneris Solutions in Canada and eFunds/FIS.

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Recommerce platform Cashify raises $90 mn in its Series E funding

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America's largest cities are so expensive that some millennials are crowdfunding their homes

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American Airlines threatens to make people pay for a whole new flight if they want to change the time

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Fareed Jawad is the new VP for Payments & Principal Product Architect at Freecharge

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