Cashify Eyes ₹1,800 Cr IPO, Plans Stock Market Debut in Early 2027

Cashify, the Gurugram-based omnichannel retailer of used consumer electronics and gadgets, is gearing up to go public. The company has appointed ICICI Securities, JM Financial and Nomura as bankers to manage its initial public offering (IPO), according to a Moneycontrol report.

Cashify is targeting a total fundraise of ₹1,500-1,800 crore through the IPO, according to the report. The exact split between fresh capital and offer for sale (OFS) will be decided later.

Early backers including Bessemer Venture Partners, Olympus Capital Asia and Blume Ventures are all expected to sell a portion of their shares through the OFS. Cashify has raised over ₹1,200 crore, approximately $140 million, in total funding so far, according to Tracxn.

As per current plans, Cashify will likely take the confidential filing route and submit its draft IPO papers with the regulator around June-July this year. A stock exchange listing is expected in early 2027, the report said. The company plans to use the fresh capital raised to expand its retail footprint and enter new markets.

Cashify was founded in 2013 by Mandeep Manocha, Nakul Kumar and Amit Sethi. It partners with major smartphone brands like Xiaomi, OnePlus and Samsung to run device exchange programmes, and works with e-commerce platforms Amazon and Flipkart to facilitate the trade of refurbished devices. It also offers device repair services, which have been growing steadily alongside its core business.

The financials of the company tell an encouraging story. Cashify closed FY25 with revenue of ₹1,000-1,100 crore and is expected to end FY26 with a topline of ₹1,500-1,600 crore, a year-on-year (YoY) growth of around 50%, according to the report.

Notably, the company has been cutting its losses sharply. Its net loss narrowed to ₹10 crore in FY25, down nearly 80% from ₹53 crore the previous year. By FY26, it is projected to turn profitable, with an estimated profit after tax of ₹20-30 crore, as per the report.