The Great Indian Upgrade 2025

Cashify has published its annual whitepaper, The Great Indian Upgrade 2025, which provides an in-depth examination of the changing landscape in India’s second-hand smartphone market and the behaviours of consumers. This report, based on a survey involving 10,000 participants, illustrates how resale, trade-ins, and refurbished devices are evolving from a niche market to a more prominent one.

Key Insights into Consumer Behaviour

The research indicates that 70% of Indians possess 2 to 3 idle phones, which Cashify refers to as a “Drawer Economy” valued in the billions. Additionally, 33% of respondents sell their old devices to finance upgrades, while 40% are compelled by attractive buyback offers. Nonetheless, a significant 77% of resales continue to occur through informal means, highlighting the demand for reliable and transparent platforms.

Shifting Demand for Refurbished Smartphones

The appetite for refurbished devices is transitioning from low-cost options priced below ₹10,000 to middle-tier smartphones in the ₹15,000 to ₹30,000 range and premium models exceeding ₹60,000. Apple dominates the refurbished smartphone sector, claiming a 62.9% share in the first half of 2025, followed by OnePlus with 10.2%, Xiaomi at 9.7%, and Samsung at 6.1%. Vivo displayed remarkable growth, increasing its share from 2.1% in 2024 to 3.2% in 2025.

Trends in Refurbished Smartphone Purchases

In a notable trend, three out of five refurbished smartphone buyers opted for iPhones, motivated by a strong desire for premium devices such as the iPhone 14 Pro, iPhone 13 Pro Max, and iPhone 12 Pro. This trend reflects the increasing demand in India for affordable luxury smartphones.

Introducing India’s Ease of Repair Ranking

For the first time, Cashify has rolled out India’s Ease of Repair Ranking, which evaluates brands based on the availability of spare parts and their repair ratings. The findings revealed that 57.9% of consumers prefer repair rather than replacement; however, high expenses and a lack of available parts hinder this choice. Cashify’s commitment to a “repair-first, recycle-always” approach, backed by over 200 locations and an AI-enhanced refurbishment centre, aims to bridge this gap.

Understanding Refurbished Electronics

The survey indicated that 76% of participants perceive “refurbished” as being akin to ‘like new – tested and repaired by specialists’. More than 60% of refurbished devices sold were Apple products, with the most frequent spending bracket falling between ₹21,000 and ₹35,000. Factors enhancing trust included warranties (52.5%), comprehensive reports (16.9%), and “try before you buy” options (16.9%).

Implications for the Future of Technology Consumption

According to Mandeep Manocha, Co-Founder & CEO of Cashify, India’s $219B resale movement presents more than just a market opportunity; it enables a redefinition of technology consumption. The pathway to future growth lies not in the production of additional devices but in extending the lifespan of existing ones.

Nakul Kumar, Co-Founder & CMO of Cashify, noted that for too long, obsolete phones have been seen as clutter rather than valuable assets. The culture surrounding upgrades in India is evolving from hasty purchasing to thoughtful circulation, with repairability being crucial to this change.

Recommendations for Policymakers

The whitepaper encourages policymakers to streamline customs processes for refurbished imports, provide tax incentives for recycling initiatives, and create digital traceability for electronic waste to formalise the recommerce sector.