Cashify, one of India’s largest re-commerce platforms for used electronics, is positioning itself for a potential initial public offering by fiscal year 2028. Founded in 2009 and headquartered in Gurugram, the company has attracted more than € 130 million in venture funding from investors including Prosus, Bessemer Venture Partners and Amazon. With reported FY25 revenues of approximately € 124 million and a valuation approaching € 222 million, Cashify has become a central player in India’s fast-growing secondary smartphone and refurbished electronics market.
A platform built on scale
The company’s core proposition focuses on simplifying device resale in a historically fragmented market. Cashify claims to have served over 14 million customers, processing close to 100,000 smartphones per month while operating more than 250 physical stores nationwide. Its business model spans consumer to business sourcing, refurbishment and resale, alongside white label trade-in programmes for major OEMs, including Apple, Samsung and Xiaomi. This positioning aligns Cashify closely with India’s circular economy goals by extending device lifecycles and reducing electronic waste.
Pricing credibility questioned
As with any fast-growing business in the secondary mobile e-commerce market, consumer complaints occasionally surface around what is often described as “trade-in pricing integrity.” Sellers report that online quotes can be revised downward at the point of doorstep collection, Cashify’s distinctive operational feature, sometimes by as much as 20% to 50%. These adjustments are said to occur even when devices pass the company’s own diagnostic checks.
This challenge is well known across the secondary market and is by no means unique to Cashify. It is a structural issue common to platforms that do not offer instant, in-store payouts. Alternatives include encouraging consumers to complete trade-ins at physical locations, or deliberately pricing trade-in offers more conservatively to mitigate the risk of misrepresented device condition. Striking the right balance between competitive pricing and operational risk remains the industry’s central challenge.
Refurbished quality concerns
Some complaints extend beyond resale pricing to Cashify’s refurbished device operations. A number of customers have reported issues relating to battery health, component replacements and, in isolated cases, functional failures, raising questions around the consistency of quality control processes. At the same time, there is an inherent tension between consumer expectations and the realities of the refurbished device market. By definition, used devices are not new and will rarely offer 100% battery health. Cosmetic wear and signs of prior use are also to be expected, depending on the assigned grade. Aligning quality assurance standards with transparent consumer communication remains critical in managing this expectation gap. It is probably more about educating consumers than real issues.
Reaction from Cashify
We asked Cashify’s Mandeep Manocha, co-founder, for a reaction. He commented: "We know that 'fair value' is often a matter of perspective. Pricing is a hard problem to solve, especially when human care meets technical standards at your doorstep. By bringing smarter tech to the inspection, we’re working to make sure our final price is as honest as our process. We’re listening, we’re learning, and we’re improving."
Market
Trade-in
Repair
Refurbishing
