Cashify Looks To Go Public With ₹1,800 Crore IPO

Cashify, which operates in the used electronics space, is now looking at a public listing through an Initial Public Offering (IPO), with a possible raise of around ₹1,800 crore. An early 2027 debut is being talked about, and some initial steps are already underway.

So, what should investors really make of this?

At What Stage Is Cashify’s IPO Currently?

Cashify’s IPO may happen in early 2027, although there is no official confirmation so far. ICICI Securities, JM Financial, and Nomura have reportedly been brought on board as merchant bankers for the issue.

The firm’s IPO is expected to be a combination of a fresh issue and an offer for sale, but there are no details on the exact split between the two. There are also indications that the company could opt for a confidential filing route.

Some of the early investors, including Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures, may look to partially exit through the offer for sale component.

The firm plans to use proceeds from the fresh issue to expand its retail presence and support entry into new markets.

What Does Cashify’s Business Look Like?

Cashify is a recommerce platform, dealing with used electronic devices. The company repairs, refurbishes and brings old gadgets back into the market.

It began operations in 2009 as ReGlobe, a company that provided disposal solutions for expired products. In 2013, the company changed its business model and started operating as Cashify.

Today, the platform provides three main services to users: selling old phones, buying refurbished devices, and getting them repaired. Over time, this has expanded beyond just an online offering with more than 200 physical stores across 70+ cities.

It also works with global brands like Apple, Amazon, Samsung, and OnePlus as buyback partners.

Cashify reported revenue in the range of ₹1,000–1,100 crore for FY25. At the same time, the company has been reducing its losses at a steady pace. Net loss came down to around ₹10 crore during the year, a sharp drop from ₹53 crore in the previous fiscal.

The firm has raised funding multiple times over the years. One of the recent rounds included Series E funding in 2022 for $90 million, backed by NewQuest Capital Partners and Prosus.

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What Is In Store For Investors?

Cashify’s numbers have improved, especially with losses coming down, but consistency and a move towards profitability will still matter. Investors may also be keen to see how the company’s expansion in offline presence influences the demand.

Besides this, a significant driver for Cashify’s products is consumers’ mindsets. Adoption of refurbished devices is still picking up, and not everyone is comfortable buying second-hand products yet.

At the same time, the issue structure, valuation, and final timeline could play a role in how investors respond.

Sources:

Outlook Business

BWDisrupt

Money Control