Cashify, the gadget reselling startup supported by Prosus, has chosen ICICI Securities, JM Financial, and Nomura as the lead bankers for its upcoming IPO.
The company aims to raise between ₹1,500 and ₹1,800 Crore through this IPO, which will consist of both primary capital and an offer for sale (OFS). Specific details regarding these components will be finalized later.
Early investors, including Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures, are anticipated to participate in the OFS segment of the IPO.
Cashify is expected to file its draft papers with SEBI via a confidential process, with plans to complete the IPO by FY27. The draft red herring prospectus (DRHP) is likely to be submitted by June or July of this year, with a listing targeted for early 2027.
Founded in 2013 by Mandeep Manocha, Nakul Kumar, and Amit Sethi, Cashify operates as an omnichannel retailer of used consumer electronics, including smartphones and laptops. The platform enables users to buy and sell refurbished devices and has expanded to offer repair services for pre-owned items sold on its site.
Financially, Cashify reported an operating revenue of ₹1,095.9 Crore in FY25, marking a 17% increase from ₹935.1 Crore the previous year. The company also significantly reduced its net loss by 80% to ₹10.6 Crore, aided by improved margins.
Notable investors in Cashify include e-commerce giant Amazon and NewQuest. This announcement comes amid a challenging environment for new-age tech companies, with over 40 currently navigating their IPO processes. Recent geopolitical tensions have negatively impacted investor sentiment, leading some companies, like PhonePe, to pause their IPO plans despite having received necessary regulatory approvals.
