Cashify turns public limited, names independent directors

Cashify has converted from Cashify Private Limited to Cashify Limited and appointed two independent directors, Vipul Sabharwal and Anil Berera, each for five year terms, Entrackr reported on 19 August 2026.

Be precise about the stage. Converting to a public limited company and building an independent board are required steps before an IPO. They are not the IPO. No issue size has been stated and no timeline has been stated. The company appointed ICICI Securities, JM Financial and Nomura as bankers in March 2026. It has also set up a Dubai subsidiary, Cashify Phone Trading FZCO, for electronics trading.

Cashify, founded by Mandeep Mancoha, Nakul Kumar and Amit Sethi, buys and sells used electronics, mostly phones and laptops, through partnerships with manufacturers and ecommerce platforms. FY25 operating revenue was Rs 1,096 Cr against Rs 935 Cr in FY24. The FY25 loss was Rs 10.5 Cr, down about 80% from Rs 53 Cr. FY26 statements have not been filed yet.

Recommerce is a category now, not a niche

Rs 1,096 Cr of revenue on a Rs 10.5 Cr loss is the clearest evidence yet that used goods resale is a real Indian business and not a sustainability slide in a deck. Look at the shape of it. Revenue grew about 17% while the loss fell roughly 80%. That is a company converting scale into margin, which is unusual in Indian consumer internet and very unusual in a business that has to physically grade, refurbish and resell every unit it touches.

If you sell any durable, this is your second market whether you participate in it or not. Find out what your product resells for on these platforms and what the trade in offer looks like on your category. That number sets the effective price a customer believes they are paying. Brands that ignore it end up quietly competing with their own older units at the same checkout.