Cashify IPO: Eyes $216M Raise, Targets 2027 Listing

Recommerce startup Cashify has chosen ICICI Securities, JM Financial, and Nomura as bankers for its proposed IPO, according to Inc42. The Prosus-backed company is aiming to raise between ₹1,500 and ₹1,800 crore (approximately $180 million to $216 million) through the IPO, which will include a combination of primary capital and an offer for sale (OFS). The specifics of each component will be determined later, sources told Moneycontrol.

Early investors, including Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures, are expected to sell shares through the OFS portion of the IPO. Cashify is anticipated to confidentially file its draft papers with SEBI, with the goal of completing the process in FY27. The draft red herring prospectus (DRHP) is expected to be filed by June or July of this year, with the company targeting a stock exchange listing in early 2027.

Founded in 2013 by Mandeep Manocha, Nakul Kumar, and Amit Sethi, Cashify operates as an omnichannel retailer of used consumer electronics, including phones and laptops. The recommerce startup enables users to buy and sell refurbished gadgets and has expanded its services to include device repairs for pre-owned items sold on its platform.

In FY25, Cashify reported operating revenue of ₹1,095.9 crore, a 17% increase from ₹935.1 crore in the previous fiscal year. The company also reduced its net loss by 80% to ₹10.6 crore due to margin improvements. Amazon and NewQuest are also among the company’s investors.

This development occurs as over 40 new-age tech companies are in various stages of their IPO journeys. However, geopolitical tensions have impacted investor sentiment, leading PhonePe to temporarily suspend its IPO plans despite having received the necessary regulatory approvals.