Cashify converts to public company, appoints independent directors ahead of IPO

Indian recommerce platform Cashify has begun IPO preparations by converting into a public entity, appointing independent directors and engaging bankers. It also approved a Dubai subsidiary as FY25 operational revenue rose to ₹1,096 crore and losses narrowed sharply.

— Source published Wed, 19 Aug, 2026, 16:30 IST · First seen Wed, 19 Aug, 2026, 16:32 IST · Source Entrackr · Newsletter

What happened

Indian recommerce platform Cashify converted into a public company, appointed independent directors and IPO bankers, and approved a Dubai subsidiary. FY25

Key facts

  • FY25 operational revenue: Rs 1,096 crore
  • FY24 operational revenue: Rs 935.07 crore
  • FY25 loss: Rs 10.5 crore
  • FY24 loss: Rs 53 crore
  • Loss reduction: 80%
  • Independent director term: five years
  • Independent director remuneration: up to Rs 35 lakh each
  • Mandeep Mancoha salary: Rs 4.02 crore
  • Nakul Kumar salary: Rs 4 crore
  • Amit Sethi salary: Rs 4 crore

Why this matters

Cashify’s IPO preparation and planned Dubai subsidiary make it a more credible partner or competitor for retailers, marketplaces and device brands seeking recommerce scale in India and the Gulf.

What to watch

  • Appointment of merchant bankers and any draft red herring prospectus filing.
  • FY26 revenue growth, EBITDA or net-profit trajectory, and whether losses remain contained.
  • IPO primary versus secondary share-sale mix and use of proceeds.
  • Dubai subsidiary capitalization, launch milestones and early GCC revenue contribution.
  • Changes in competitive intensity from used-device marketplaces, OEM trade-in programs, telecom operators and offline retail chains.
  • Inventory write-downs, device fraud losses, warranty claims and working-capital requirements.
  • File upgraded corporate and financial disclosures following conversion to a public limited company.
  • Finalize lead bankers, legal advisers, IPO structure, target raise size and likely listing timetable.
  • Add audit, nomination-remuneration and other board committees required for public-market governance.
  • Expand Dubai operations to support GCC device trade, resale or refurbishment channels.
  • Increase scrutiny of gross margins, inventory turns, warranty costs, refurbishing yield and contribution profitability ahead of investor marketing.

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