Gurugram-based gadget re-commerce giant Cashify has officially set its sights on the public markets, initiating plans for an initial public offering (IPO) aimed at raising between ₹1,500 crore and ₹1,800 crore.
The company, which dominates the Indian refurbished smartphone and laptop market, has reportedly appointed ICICI Securities, JM Financial, and Nomura as the lead bankers to manage the process.
1. IPO Structure & Timeline
Cashify is expected to take the confidential filing route for its Draft Red Herring Prospectus (DRHP), a strategy increasingly favored by new-age tech startups to keep sensitive financial data private until closer to the launch.
- Filing Window: June – July 2026.
- Target Listing: Early 2027 (FY27).
- Issue Type: A mix of a Fresh Issue (to fund expansion and working capital) and an Offer for Sale (OFS), allowing early backers to partially exit.
- Key Investors: Expected participants in the OFS include Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures.
2. Financial Turnaround: The Path to Profit
The IPO push is backed by a significant improvement in Cashify’s financial health over the last fiscal year, characterized by high revenue growth and a dramatic reduction in burn.
| Metric | FY24 (Actual) | FY25 (Actual) | FY26 (Projected) |
| Revenue | ₹935 Crore | ₹1,096 Crore | ₹1,500–₹1,600 Crore |
| Net Loss | ₹53.3 Crore | ₹10.5 Crore | Projected Profitable |
| Loss Reduction | – | ~80% | – |
Operational Highlights:
- Revenue Drivers: Sales of pre-owned devices contributed ₹999 crore in FY25, while repair services and commissions grew by 22% to reach ₹97 crore.
- Sustainability Impact: The company aims to save 24 lakh devices from landfills in 2026, positioning itself as a leader in the “circular economy.”
3. Market Positioning & Partnerships
Cashify’s “omnichannel” model—combining a massive online platform with over 300 planned retail stores—has made it the preferred partner for major tech ecosystems.
- OEM Partnerships: It runs official exchange programs for Xiaomi, OnePlus, Samsung, and Apple.
- E-commerce Integration: Cashify is the backend engine for exchange deals on Amazon (which is also a strategic investor) and Flipkart.
- Refurbished Demand: With mid-premium smartphones (₹15k–₹50k) driving nearly 70% of festive demand, Cashify is moving away from being a “cheap alternative” to a “performance-first” choice for value-conscious buyers.
4. Why This Matters for the Startup Ecosystem
The Cashify IPO is being closely watched as a bellwether for the “second wave” of Indian tech listings. After the volatile debuts of 2021-22, profitable or “near-profitable” startups like Cashify are testing if public market appetite has returned for companies with proven unit economics.
“We are moving closer to making India a global hub of re-commerce and remanufacturing,” noted Nakul Kumar, Co-Founder of Cashify. “2026 will be about building a stronger, more diversified supply engine.”
