India’s passion for reasonably priced technology is generating a huge opportunity, and Cashify is prepared to profit from it on a large scale. The Gurugram-based firm, which is well-known for purchasing and reselling used smartphones and other devices, is currently getting ready to go public with an IPO that could raise up to ₹1,800 crore.
Cashify’s IPO drive shows confidence in both its own growth narrative and the growing market for reconditioned electronics in India, at a time when many businesses are carefully navigating global uncertainty.
Credits: Inc 42
A Power-Packed Banker Lineup
To steer its public debut, Cashify has brought on board a strong trio of investment banks: ICICI Securities, JM Financial, and Nomura.
The company is looking to raise ₹1,500–₹1,800 crore through a mix of fresh issue and offer-for-sale (OFS), although the final structure is yet to be decided. This move aligns with a broader shift where new-age startups are increasingly tapping public markets instead of relying solely on venture capital funding.
Early Investors Eye Partial Exit
Cashify’s IPO will also offer an exit window for some of its early backers. Investors like Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures are expected to sell part of their stakes via the OFS route.
This is a typical evolution in a startup’s lifecycle—early believers lock in gains while still retaining exposure to future upside.
Taking the Confidential Route
In line with a growing trend among Indian startups, Cashify is likely to opt for a confidential filing for its IPO. This allows the company to submit draft papers privately, giving it flexibility to refine disclosures and timing without immediate public scrutiny.
If timelines hold, the draft papers could be filed around mid-2026, with the listing expected in early 2027—firmly placing the IPO in FY27.
Riding a Strong Growth Curve
Cashify’s financials tell a compelling story of scale and momentum. The company closed FY25 with revenues in the range of ₹1,000–1,100 crore and is projected to hit ₹1,500–1,600 crore in FY26—marking a robust 50% year-on-year growth.
At its core, Cashify thrives on recommerce—helping users sell old devices while making refurbished gadgets accessible at lower price points. Smartphones and laptops dominate its revenue mix, but adjacent services like repairs and commissions are steadily gaining traction.
Turning the Profitability Corner
What makes Cashify’s IPO narrative even more compelling is its improving bottom line. The company has sharply reduced its losses—from ₹53 crore in FY24 to just ₹10 crore in FY25.
Even more importantly, it is expected to turn profitable in FY26, with a projected profit after tax of ₹20–30 crore. In today’s market environment, where investors are prioritizing sustainable growth over aggressive cash burn, this shift could significantly boost investor confidence.
Backed by Global Capital
Over the years, Cashify has raised more than ₹1,200 crore (around $140 million), with backing from global investors such as Prosus. This strong institutional support has helped the company scale its operations, strengthen its supply chain, and build a trusted consumer brand in the recommerce space.
Founded in 2013 by Mandeep Manocha, Nakul Kumar, and Amit Sethi, the company has steadily evolved from a simple device buyback platform to a full-stack omnichannel marketplace.
What Lies Ahead
The IPO proceeds are expected to fuel Cashify’s next phase of growth—particularly its offline retail expansion and entry into new markets. As consumers increasingly seek value-for-money tech and sustainable alternatives, refurbished devices are moving from a niche category to the mainstream.
Cashify is positioning itself right at the center of this shift.
Credits: Inventiva
The Bigger Bet on Recommerce
Although India’s recommerce sector is still in its infancy, it has enormous potential due to factors including growing environmental consciousness, shorter upgrade cycles, and increased smartphone penetration.
The launch of Cashify on the public market may be a turning point for the company as well as the Indian circular economy ecosystem as a whole.
If it goes well, this IPO might change how India purchases, sells, and repurposes technology in addition to unlocking value for investors.
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