Even as the organised refurbished smartphone market experiences its first contraction in years, Gurugram-based re-commerce platform Cashify appears to be bucking the trend, reporting a 20% rise in revenue and a sharp reduction in losses for FY25.
Cashify Financials
Co-founder Mandeep Manocha told Fe that the company expects to close FY25 with revenue of around Rs 1,150 crore, up from Rs 954.9 crore in FY24. Losses are estimated to shrink to Rs 10 crore from Rs 53.3 crore in the previous fiscal. The company is yet to file its audited financials with the ministry of corporate affairs.
“On Ebitda level, we turned positive in FY24. We expect to turn full-year profitable by end of FY26,” Manocha said.
The broader market, however, is facing a slowdown. After years of steady double-digit growth, organised refurbished smartphone sales have dipped. According to CCS Insights, volumes fell 7% year-on-year in the first quarter of calendar 2025 to 1.3 million units. The research firm expects a 5–7% decline for the full year, following growth rates of 22% in 2022, 16% in 2023 and 10% in 2024.
The downturn is being attributed to a shift in consumer buying behaviour. New smartphone sales have moved offline, where average selling prices have surged from $196 in Q1 2022 to $303 in Q1 2025. In contrast, online average selling price rose modestly from $199 to $246 during the same period. Devices purchased offline typically find their way to unorganised players, reducing supply for established refurbished.
Future plans
In this context, Manocha said Cashify has focused on building what he describes as a “full end-to-end e-commerce play”, sourcing directly from consumers, refurbishing in-house, and selling through its own stores and website. The consumer-facing business now contributes 60% of overall revenue, evenly split between the company’s 200 stores and digital platform. That figure is expected to rise to 70% by FY26, as Cashify plans to double its retail footprint to over 400 locations.
The company has also partnered with major retail chains like Croma, Vijay Sales, Reliance Retail and regional players such as Sangeeta Mobiles and Poorvika to expand sourcing channels beyond e-commerce.
Despite market headwinds, industry watchers say the opportunity remains significant. While Cashify is the largest organised player, it processes just 2 million devices annually, around 5-6% of the estimated 35–40 million used smartphones that circulate each year.
Cashify is also widening its focus beyond smartphones. It has set up a dedicated laptop refurbishment facility in Noida and is building a B2B pipeline by targeting large corporations that retire IT assets every few years. “Most large organisations like TCS, Infosys, Deloitte, and PwC, sell their IT assets every three to four years for financial reasons. We believe there is a large B2B opportunity here,” said Manocha.
The roadmap includes entry into other high-value electronics such as DSLR cameras and premium audio equipment, categories with longer life cycles and strong aspirational appeal.