Cashify turns public, adds independent directors and readies IPO push

Refurbished-electronics platform Cashify has converted to a public entity, appointed independent directors and lined up IPO bankers. FY25 operational revenue rose 17% to Rs 1,096 crore, while losses narrowed 80% to Rs 10.5 crore. The company also approved a Dubai trading subsidiary.

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

What happened

Indian refurbished-electronics platform Cashify converted to a public entity, added independent directors and appointed IPO bankers. It also approved a Dubai

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%
  • Co-founder salaries: Rs 4.02 crore, Rs 4 crore and Rs 4 crore
  • Independent-director remuneration: up to Rs 35 lakh each
  • Independent-director term: five years

Why this matters

Cashify’s IPO preparation and international expansion create potential partnership or acquisition opportunities in device sourcing, trade-in programs, refurbishment capacity and Gulf-market distribution.

What to watch

  • Confirmation of lead bankers, board committee formation and conversion-related regulatory filings.
  • DRHP submission, proposed fresh-issue versus offer-for-sale mix, and stated use of proceeds.
  • FY26 revenue growth, EBITDA/cash-flow trajectory and whether net profitability is sustained rather than driven by one-off cost reductions.
  • Inventory days, refurbishment recovery rates, warranty/returns expense and working-capital requirements.
  • Dubai subsidiary capitalization, first cross-border partnerships and regulatory approvals for used-device trading.
  • Competitive responses from Flipkart, Amazon, OEM trade-in programs, organized refurbishers and informal resale channels.
  • IPO-market performance of Indian consumer-tech, retail and profitability-transition companies.
  • Appoint remaining IPO intermediaries, including legal counsel, auditors, registrar and communications advisors.
  • Prepare for a potential DRHP filing, with disclosures centered on unit economics, inventory turns, warranty liabilities, customer acquisition costs and refurbishment yields.
  • Expand independent-director-led audit, risk and related-party governance to meet listed-company standards.
  • Use the Dubai subsidiary for device sourcing, regional resale, trade flows and potentially lower-cost inventory procurement.
  • Prioritize profitability proof through higher-margin refurbishment, accessories, protection plans, enterprise trade-in programs and tighter inventory controls.
  • Increase offline collection and franchise coverage to secure device supply ahead of any IPO-led growth push.