Cashify, an omnichannel recommerce platform, has selected ICICI Securities, JM Financial, and Nomura as its bankers for the upcoming initial public offering, as reported by Moneycontrol citing anonymous sources. The Gurugram-based company aims to secure approximately Rs 1,500 crore to Rs 1,800 crore through this public issue. The exact structure, which includes the proportion between fresh share issuance and the offer for sale, will be determined later.
According to the report, various early investors in the firm, such as Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures, are anticipated to sell a portion of their stakes via the offer for sale segment.
About Cashify
Founded in 2013, Cashify facilitates the buying and selling of second-hand electronics, especially focusing on mobile phones and laptops. The company collaborates with original equipment manufacturers like Xiaomi, OnePlus, and Samsung to manage exchange programs. Additionally, it partners with major ecommerce platforms like Amazon and Flipkart to simplify the trade of refurbished devices for its users.
IPO Filing Plans
Cashify is expected to pursue a confidential filing approach for its draft red herring prospectus. The company anticipates submitting its IPO documents around June to July this year, with a possible listing timeframe in early 2027, according to current strategies.
Financial Performance
Cashify’s operational revenue surged to Rs 1,096 crore in FY25, up from Rs 935.07 crore in FY24. As revenue growth exceeded expenses, the company managed to reduce its losses significantly by 80%, bringing them down to Rs 10.5 crore in FY25 from Rs 53 crore in the previous year.