It’s been quite a turnaround year for Cashify, the Gurugram-based re-commerce brand that’s made a name for itself in India’s second-hand smartphone market. The company not only crossed the ₹1,100 crore revenue mark in FY25 but also managed to slash its losses by almost 80% — a sign that its long game might finally be paying off.
The Growth Story
According to its latest financial filings, Cashify’s revenue from operations shot up to ₹1,096 crore in FY25, compared to ₹935 crore in the previous year. That’s about 17% growth, not earth-shattering but steady and healthy in a market that’s often tough to crack.
Most of this came from its bread-and-butter business — selling refurbished smartphones and gadgets, which contributed roughly ₹999 crore. Another ₹97 crore came from services like phone repairs, after-sales commissions, and related support, up around 22% from last year. The company also pocketed around ₹26 crore as “other income,” mostly interest and miscellaneous gains.
Put together, Cashify’s total income for FY25 came in at around ₹1,118 crore — an impressive milestone for a company that started with a simple idea: giving old gadgets a second life.
Costs Still High, But Controlled Better
Of course, growth in the re-commerce business doesn’t come cheap. Cashify’s total expenses climbed to ₹1,133 crore, a 12% rise from FY24. But the interesting part is how the company managed those costs this time around.
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The cost of materials and procurement, basically what it spends to acquire used phones and parts, made up nearly 82% of all expenses — roughly ₹924 crore. That’s up 15%, which tracks with the higher sales volume. Employee costs stayed stable at ₹122 crore, and marketing and admin expenses hovered around ₹44 crore.
In other words, while the business scaled up, the cost discipline got tighter — something not many startups in this space have managed to pull off.
Big Win: Losses Shrink by 80%
Here’s the real headline: Cashify brought its net loss down from ₹53 crore in FY24 to just ₹10.5 crore in FY25. That’s an 80% improvement — and not from one-time accounting tricks, but genuine operational efficiency.
Sure, margins are still negative (EBITDA margin stood at –2.14%), and the ROCE isn’t flattering at –10.28%. But for a company that’s been burning cash for years to grab market share, this is a welcome change of pace.
In a nutshell, Cashify seems to be finally finding its financial footing.
What’s on the Balance Sheet
The company ended the year with ₹68 crore in cash, slightly lower than ₹91 crore a year ago. That’s not alarming — the dip likely reflects reinvestment into inventory and infrastructure. On the brighter side, current assets grew from ₹383 crore to ₹424 crore, showing a stronger working capital position.
Insiders say Cashify has been tightening its back-end supply chain and negotiating better margins with OEM partners, which has started reflecting in its books.
Looking Ahead
While Cashify isn’t in the green yet, it’s inching closer. The founders reportedly expect to hit profitability by FY26, and given how the numbers are moving, that might actually happen this time.
The company continues to partner with major smartphone brands — think Samsung, Xiaomi, OnePlus, and others — for exchange programs, and it also powers buyback operations for Amazon and Flipkart. These partnerships keep the brand visible and ensure a steady inflow of used devices to refurbish and resell.
What’s really working for Cashify is its reputation. Consumers increasingly trust it for fair pricing, quick payments, and genuine refurbished products — things that used to be major concerns in India’s second-hand electronics market.
Competitors like InstaCash, Greendust, and Yaantra are still in the race, but Cashify’s first-mover advantage and omnichannel presence — from its app to over 250 retail stores — give it an edge.
The Big Picture
If you step back, Cashify’s FY25 numbers tell a story of a startup that’s grown up. From being a scrappy buy-sell portal to becoming one of India’s most recognised re-commerce brands, the company has come a long way.
Its journey mirrors how Indian consumers have evolved too — more conscious, more tech-savvy, and less hesitant to buy refurbished gadgets if they come from a trusted name.
FY26 might just be the year Cashify finally turns the corner and posts its first profit. If that happens, it won’t just be a win for the founders — it’ll be a strong signal that India’s circular economy story is entering its next phase.
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