Amazon-backed re-commerce platform Cashify has achieved a significant milestone in FY25, surpassing the ₹1,000 crore (€ 120 million) revenue mark for the first time. The growth was driven by a robust performance in its refurbished devices segment and careful cost management that helped narrow losses by nearly 80%, according to filings with India’s Registrar of Companies (RoC). Net loss in this period was ₹10.6 crore (€ 1.17 million).
Amazon’s confirmed investment in Cashify
A detailed review of funding records and corporate documents confirms that Amazon.com NV Investment Holdings LLC, the corporate venture arm of Amazon, holds an institutional equity stake in Cashify’s parent entity, Manak Waste Management Pvt. Ltd. The investment, finalised in August 2022, was part of the company’s Extended Series E funding round.
During this round, Amazon and existing investor Blume Ventures contributed over ₹52 crore (€ 5.8 million), with Amazon itself investing ₹39.5 crore (€ 4.4 million). This transaction gave Amazon a 2.12% minority stake, securing its presence in India’s fast-growing used-device ecosystem without assuming a controlling interest.
Revenue and growth in FY25
Cashify’s revenue from operations climbed 17% year-on-year to ₹1,095.95 crore (€ 120.8 million) in FY25, up from ₹935.07 crore (€ 103 million) in FY24. Including other income of ₹26.4 crore (€2 .9 million), total income reached ₹1,122.36 crore (€ 124 million).
The Gurugram-based company enables customers to sell used gadgets and buy refurbished devices, including smartphones, tablets, and laptops. Its core refurbished devices business remained the largest contributor to revenue, supported by steady growth in complementary services such as device repairs and trade-in commissions.
Costs rise but margins improve
Cashify’s total expenses rose 12% to ₹1,132.9 crore (€ 125 million), mainly due to higher procurement volumes. Purchases of stock in trade jumped 30% to ₹913.7 crore (€ 101 million), while raw material costs grew 20% to ₹66.8 crore (€ 7.4 million).
However, depreciation and amortisation costs declined nearly 30% to ₹8.8 crore (€ 980,000), offering partial cost relief. Employee benefits remained steady at ₹121.7 crore (€ 13.5 million). Despite overall cost inflation, Cashify’s net loss reduced sharply from ₹53.3 crore (€ 5.9 million) in FY24 to ₹10.6 crore (€ 1.17 million) in FY25.
EBITDA margin improved to -2.14%, reflecting progress in operational efficiency, though profitability remains just out of reach.
Strengthening position in the re-commerce market
Crossing the ₹1,000 crore threshold firmly positions Cashify among India’s leading structured re-commerce players. The company’s partnerships with major smartphone manufacturers such as Xiaomi, Samsung, and OnePlus, as well as e-commerce giants Amazon and Flipkart, allow it to operate large-scale trade-in and exchange programs for consumers upgrading their devices, including the popular Apple iPhone models.
This collaborative ecosystem has helped Cashify strengthen its sourcing and logistics operations, ensuring a more stable supply of refurbished devices at scale.
Outlook for 2025 and beyond
By the end of FY25, Cashify reported cash reserves of ₹68 crore (€ 7.5 million), compared to ₹91 crore (€10 million) in the previous fiscal year. Current assets rose to ₹424 crore (€ 47 million), indicating ongoing business expansion and stronger inventory management.
The company’s latest results illustrate that re-commerce businesses can achieve scale and efficiency simultaneously, even in competitive markets. While profitability remains a near-term challenge, Cashify’s entry into the ₹1,000 crore club underscores the maturing potential of India’s refurbished electronics sector and the growing consumer trust in certified pre-owned devices.
Via: Moneycontrol News
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