Cashify Appoints Bankers for IPO, Aims to Raise ₹1,800 Crore in Recommerce Unicorn’s Public Debut
India’s startup ecosystem is quietly building momentum for what could be one of the most anticipated public listings of 2027. Gurugram-based recommerce platform Cashify has taken a concrete step toward its initial public offering (IPO) by appointing investment bankers to lead the process .
The Amazon-backed company has mandated ICICI Securities, JM Financial, and Nomura as the lead bankers for its proposed public listing . The move signals that the eight-year-old startup, which has built a profitable and scalable model in the refurbished electronics space, is preparing to join the growing cohort of new-age companies transitioning from private funding rounds to public markets.
The IPO Structure: Size, Timeline, and Mix
According to sources familiar with the development, Cashify is looking to raise between ₹1,500 crore and ₹1,800 crore (approximately $175–210 million) through its public offering .
The issue will consist of a combination of fresh capital and an offer for sale (OFS) component . Early investors, including Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures, are expected to partially exit through the OFS route, following a typical pattern for late-stage startup IPOs .
The company is likely to take the confidential filing route for its draft red herring prospectus (DRHP), which is expected to be filed with SEBI around June–July 2026 . The listing itself is projected for early 2027, falling within the financial year 2027 (FY27) .
The Financial Story: From Losses to Profitability
Cashify’s journey to the public markets is backed by a compelling financial turnaround story. The company has demonstrated consistent revenue growth and sharp improvements in profitability metrics over the past two fiscal years.
| Metric | FY24 | FY25 | FY26 (Projected) |
|---|---|---|---|
| Revenue from Operations | ₹935 crore | ₹1,096 crore | ₹1,500–1,600 crore |
| Net Loss | ₹53.3 crore | ₹10.6 crore | ₹20–30 crore (Profit) |
| YoY Revenue Growth | — | 17% | ~50% |
Cashify crossed the ₹1,000 crore revenue milestone for the first time in FY25, reporting operating revenue of ₹1,095.95 crore, a 17% increase from ₹935 crore in FY24 . Including other income, total income stood at ₹1,122.36 crore .
The company’s focus on disciplined cost management delivered even more dramatic results on the bottom line. Cashify narrowed its net loss by nearly 80% —from ₹53.3 crore in FY24 to just ₹10.6 crore in FY25 . Key drivers included:
- Procurement costs rose 30% to ₹913.7 crore, reflecting higher transaction volumes
- Employee benefits remained largely flat at ₹121.7 crore
- Marketing expenses held steady at approximately ₹30 crore
For the current financial year (FY26), Cashify is projecting revenue of ₹1,500–1,600 crore, representing a remarkable 50% year-on-year growth . More significantly, the company expects to turn full-year profitable, with projected profit after tax (PAT) of ₹20–30 crore .
The Business: Building a Recommerce Powerhouse
Founded in 2013 by Mandeep Manocha, Nakul Kumar, and Amit Sethi, Cashify has established itself as India’s largest organized player in the refurbished electronics market . The platform enables users to sell old gadgets and buy refurbished devices—primarily smartphones and laptops—through an omnichannel model that combines online presence with physical retail stores.
Key Business Segments:
- Refurbished Device Sales: The core revenue stream, accounting for approximately ₹999 crore in FY25
- Sale of Services: Including device repairs, commissions, and lifecycle services, contributing another ₹855.6 crore
- Ancillary Revenue: From accessories and device exchange programs
Cashify has built deep partnerships across the electronics ecosystem, working with smartphone makers including Xiaomi, OnePlus, and Samsung to run device exchange programmes, and with e-commerce giants Amazon and Flipkart to facilitate trade-ins for customers .
The company has also expanded beyond smartphones, setting up a dedicated laptop refurbishment facility in Noida and building a B2B pipeline targeting large corporations that retire IT assets every few years . Clients include major IT firms like TCS, Infosys, Deloitte, and PwC .
Retail Expansion: Doubling the Physical Footprint
A significant portion of the IPO proceeds will be directed toward expanding Cashify’s retail presence . The company currently operates approximately 200 stores across India, with plans to double this footprint to over 400 locations by the end of FY26 .
The omnichannel strategy is critical to Cashify’s growth. The consumer-facing business currently contributes 60% of overall revenue, evenly split between physical stores and the digital platform . That share is expected to rise to 70% by FY26 as the company expands its retail network.
The Market Opportunity: India’s Burgeoning Recommerce Sector
Cashify’s IPO ambitions come at a time when the refurbished electronics market in India is poised for significant growth. According to industry estimates, 35–40 million used smartphones circulate annually in India, yet organized players like Cashify process only about 2 million devices—just 5–6% of the total market .
This fragmentation represents a massive opportunity for organized players to capture share from unorganized resellers. With rising consumer price sensitivity, growing environmental consciousness, and the increasing availability of high-quality refurbished devices, the recommerce sector is expected to expand rapidly in the coming years.
The Investor Backing: Amazon, Prosus, and Beyond
Cashify has raised over $140 million (approximately ₹1,200 crore) to date from a distinguished list of investors . Key backers include:
- Amazon (strategic investor)
- Prosus (global technology investor)
- Bessemer Venture Partners
- Blume Ventures
- Olympus Capital Asia
- NewQuest Capital Partners
The participation of Amazon, one of the world’s largest e-commerce players, underscores the strategic importance of recommerce in the broader retail ecosystem.
The IPO Signal: A Broader Trend
Cashify’s move toward a public listing is part of a larger pattern in India’s startup ecosystem. Several new-age companies are preparing to test public markets in 2026–2027, including:
- Meesho has converted to a public limited company and appointed bankers for a potential listing
- BRND.ME (formerly Mensa Brands) completed its reverse flip to India and is targeting an IPO in 12–18 months
- More Retail, another Amazon-backed entity, is planning a ₹2,000 crore IPO
As venture capital exit pressure rises and companies achieve operational maturity, the IPO window is gradually reopening after a period of caution .
The Road Ahead
With bankers appointed, financials strengthening, and a clear growth strategy in place, Cashify is well-positioned to become one of the first recommerce companies to list on Indian stock exchanges.
The immediate milestones to watch include:
- June–July 2026: Confidential DRHP filing with SEBI
- FY26 End: Projected profitability achievement
- Early 2027: Expected listing date
For investors, Cashify’s IPO will offer a unique opportunity to participate in India’s organized recommerce story—a sector at the intersection of e-commerce, sustainability, and value retail.
The Final Word
Cashify’s IPO preparations mark a significant milestone for India’s recommerce ecosystem. The company’s journey from a bootstrapped startup to a ₹1,100 crore revenue business with a clear path to profitability reflects the maturation of India’s startup landscape.
By appointing bankers and targeting a ₹1,800 crore public offering, Cashify is not just seeking capital for expansion; it is providing a liquidity pathway for early investors and setting a benchmark for other recommerce players. As the company prepares to file its draft papers in mid-2026, all eyes will be on the valuation it commands and the reception it receives from public market investors.
