As India’s organised refurbished smartphone market contracts for the first time in years, Gurugram-based re-commerce platform Cashify reports strong financials and outlines ambitious growth plans. The company expects revenue to rise 20% to €128 million in FY25, while losses are forecast to fall sharply to just € 1.1 million.
Margins improve as losses narrow
Co-founder Mandeep Manocha confirmed that Cashify ended FY24 with € 106 million in revenue and €5.9 million in losses. By FY26, the company expects to turn fully profitable. EBITDA turned positive in FY24. The final FY25 numbers are pending submission to India’s ministry of corporate affairs.
Wider market sees first contraction
The broader refurbished smartphone market is experiencing its first decline in recent memory. CCS Insight reports a 7% year-on-year dip in Q1 2025 volumes to 1.3 million units. It expects a 5% to 7% annual drop, reversing growth trends of 22% in 2022, 16% in 2023 and 10% in 2024.
Offline sales affect device supply
New smartphone sales have shifted significantly to offline channels, where average selling prices jumped from €180 in Q1 2022 to €278 in Q1 2025. Devices sold offline often bypass organised refurbishers, instead flowing to unregulated market participants, reducing the pool of devices available for structured refurbishment.
Direct-to-consumer model pays off
Cashify’s end-to-end strategy now sees 60% of its revenue generated via direct sales, split evenly between its 200 retail outlets and online platform. By FY26, that share is expected to rise to 70%, with over 400 stores planned. The company also sources devices through partnerships with retail giants like Croma, Vijay Sales, Reliance Retail, and regional players.
Room to scale despite challenges
Despite market headwinds, Cashify processes just 2 million of the estimated 35–40 million used smartphones in India annually, equal to only 5–6% of the market. This indicates substantial headroom for growth in the years ahead, especially as consumer demand for certified refurbished Apple iPhones and other devices remains strong.
Diversifying beyond smartphones
To expand its revenue base, Cashify has opened a laptop refurbishment facility in Noida and is targeting corporate clients that retire IT assets on a three-to-four-year cycle. It sees significant B2B opportunity in this space, working with companies like Infosys, Deloitte and PwC. Future plans also include premium electronics such as DSLR cameras and audio equipment, chosen for their high residual value and long product life cycles.
Market
Trade-in
Repair
Refurbishing
