Cashify, the Gurugram-based re-commerce platform specializing in refurbished electronics, has achieved a significant turnaround in FY25, slashing its losses by 80% to Rs 10 crore while revenue grew 20% to Rs 1,150 crore. According to a Financial Express report dated July 24, 2025, this marks a stark contrast to the broader organized refurbished smartphone market’s first contraction in years, with Cashify bucking the trend through its end-to-end e-commerce model—sourcing, refurbishing, and selling via 200 stores and its website. For investors, e-commerce analysts, and sustainability enthusiasts searching Cashify FY25 losses Rs 10 crore, Cashify revenue growth 2025, or re-commerce market India, the performance—driven by consumer-facing sales contributing 60% of revenue—positions Cashify for profitability in FY26, as stated by CEO Mandeep Manocha. With 2 million devices processed annually (5-6% of India’s 35-40 million used smartphone market), the company is expanding into full e-commerce, including new categories like laptops and wearables, amid a sector valued at Rs 10,000 crore growing at 15% CAGR.
Founded in 2009 as ReGlobe, Cashify has raised $130 million from investors like NewQuest Capital (19.5% stake) and Prosus, focusing on green credentials by extending device lifespans.
FY25 Financial Snapshot: Losses Halved, Revenue Up 20%
Cashify’s FY25 results reflect disciplined execution, with revenue growth outpacing market contraction through direct sourcing and omnichannel sales.
- Revenue: Rs 1,150 crore (up 20% from Rs 935 crore in FY24).
- Net Loss: Rs 10 crore (down 80% from Rs 53 crore).
- EBITDA: Improved to -3.98% margin (from -15.6% in FY24).
- Unit Economics: Spent Rs 1.08 to earn a rupee (better than FY24’s Rs 1.24).
Consumer sales now drive 60% of revenue, split evenly between offline stores and the digital platform, with partnerships like Amazon exchange programs adding scale.
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue | Rs 935 Cr | Rs 1,150 Cr | +20% |
| Net Loss | Rs 53 Cr | Rs 10 Cr | -80% |
| EBITDA Margin | -15.6% | -3.98% | +11.62% |
| Unit Spend | Rs 1.24 | Rs 1.08 | -13% |
Growth Strategies: Full-Stack E-Commerce and Green Focus
Cashify’s resilience amid market headwinds stems from vertical integration:
- End-to-End Model: Direct sourcing from consumers, in-house refurbishing, and sales via 200 stores/website—reducing dependency on OEM exchanges.
- Category Expansion: Beyond phones to laptops, smartwatches, and gaming consoles, capturing 5-6% of the 35-40 million used devices market.
- Sustainability Push: Emphasizing emissions reduction through device extension, with potential carbon credits to enhance green credentials.
CEO Manocha: “We’re building a full e-commerce play, positioning for profitability by FY26.”
Challenges: Market Contraction and Competition
The organized refurbished market contracted for the first time, pressured by new device affordability and e-waste regulations. Cashify’s 20% growth bucks this, but rivals like Greendust and Yaantra intensify competition.
- Market Share: Processes 2 million devices annually, targeting 10% by FY27.
- Funding: $130 million raised; NewQuest Capital at 19.5%.
Outlook: Profitability in FY26 with Rs 1,400 Cr Revenue
Cashify projects 20-25% revenue growth to Rs 1,400 crore in FY26, with positive EBITDA. Expansion into regional markets and B2B services could drive margins to 5%.
Conclusion: Cashify’s Rebound in Re-Commerce
Cashify’s 80% loss reduction to Rs 10 Cr in FY25 amid 20% revenue to Rs 1,150 Cr signals a resilient pivot. As it scales full e-commerce, profitability nears. For sustainability investors, it’s a green growth story—will FY26 deliver black ink? The devices renew. Financial Express
