• Accelerator

BuyBackBazaar

  • Technology
  • Winter 2020
  • Current Member
  • Accelerator

BuyBackBazaar

  • Technology
  • Winter 2020
  • Current Member

What They Do

“At some point in life, we all need access to emergency funds. We usually do this by asking others – which can impact our self esteem, or by selling something – which takes time. Pawn brokers and loan sharks have been thriving on this time-bound need for centuries. We wanted to make this ‘asset monetisation’ far quicker, cost effective & frictionless.

So we created a world-first B2C social impact fintech exchange where shops compete via a live auction to buy second hand items like phones, laptops & watches. We not only optimise pricing but also give ease of access since the customer can visit any shop on our platform to hand over their item and receive funds.

Over the past 2 years, 87% of customers after selling their item pay a modest fees to buy it back later in a secure & dignified manner. We have done 10,000 deals serving 86 nationalities and Q3 over Q2 2020 growth was 100%. We now have 1600+ items with live bids on our platform, and 76% of our customers are repeat, which helps boost our lifetime revenues as a function of low digital customer acquisition costs.

And for those who just want to sell their items, our service aggregates the best price from dozens of shops real-time and offers them geographical ease of access to chose any shop on our platform to visit and get cash!

 

from UAE

About the founder

Pishu Ganglani, Co-Founder & COO – Senior consultant at McKinsey & Company, Ops & Tech roles at Metlife, EmiratesNBD and Reuters. CFA, CMT with over 25 years in financial markets and operations. Launched the world’s first FX swap trading system for Saudi Riyals with Ricky in the mid 90’s.  Recipient of ‘The Marvin’, McKinsey’s coveted Innovation Award.

Ricky Husaini, Co-Founder & CIO – CIO at Al Hilal Bank, Deputy Treasurer at EmiratesNBD and managed funds for the Dubai Ruler’s Office. Investor into IoT, renewable energy, content monetisation & predictive price platforms.
MBA from XLRI, India, executive programmes from Wharton, Harvard & FT Academy, Licensed
International Financial Analyst. Trustee of Manzil, an award winning charity focusing on individuals with cognitive challenges.

Sandeep Shetty, Co-Founder & CEO – MD at Careem (acquired by Uber for 3.1 B$) leading over 2000 people. Setup Tanfeeth, EmiratesNBD’s shared services entity. Leadership roles across GE Capital/Genpact, McKinsey & Company and Wells Fargo Bank. IIT, IIM graduate; executive programs from Harvard, Stanford, IESE, McKinsey, GE Capital and HSBC.

Initiative by

Supported by