Cashify Progresses Towards IPO Plans
Cashify is making significant advancements in its journey towards an Initial Public Offering (IPO) by converting to a public entity and appointing independent directors. The organisation has also engaged IPO bankers and is broadening its international reach, indicating that its intentions to enter the public market are entering a more developed phase.
The board of Cashify approved a special resolution to change its name from Cashify Private Limited to Cashify Limited, as per regulatory documents reviewed by Startup Superb. In line with its IPO strategy, Cashify has enlisted Vipul Sabharwal and Anil Berera as non-executive independent directors for a five-year term. Each director will be eligible for a compensation package of up to Rs 35 lakh, which includes sitting fees.
Compensation Details of Co-Founders
In a separate resolution, the company revealed the remuneration packages of its three co-founders, detailing their perquisites, incentives, and one-time bonuses. Mandeep Mancoha, Nakul Kumar, and Amit Sethi received Rs 4.02 crore, Rs 4 crore, and Rs 4 crore, respectively.
Bankers Appointed for IPO
In March 2026, Cashify appointed ICICI Securities, JM Financial, and Nomura as financial advisers for its planned IPO, according to a report from Moneycontrol citing insider information. The organisation is also broadening its global operations. The board has sanctioned the creation of Cashify Phone Trading FZCO, a wholly owned subsidiary located in Dubai Airport Free Zone, which will engage in the trade of mobile phones, accessories, computers, refurbished goods, and other electronic products.
Overview of Cashify’s Operations
Founded in 2013, Cashify provides a platform for users to buy and sell pre-owned electronics, particularly focusing on smartphones and laptops. The firm collaborates with original equipment manufacturers such as Xiaomi, OnePlus, and Samsung to facilitate exchange programmes. Additionally, it partners with large ecommerce platforms like Amazon and Flipkart to enhance the trade of refurbished devices for consumers.
Cashify has not yet submitted its financial statements for FY26; however, its operational revenue surged to Rs 1,096 crore in FY25, up from Rs 935.07 crore in FY24. With revenue exceeding expenses, the company successfully reduced its losses by 80%, bringing them down to Rs 10.5 crore in FY25 from Rs 53 crore the year prior.