Cashify, India’s leading re-commerce marketplace for refurbished electronics, has achieved a remarkable milestone in FY24, reporting a 14.4% surge in revenue to Rs 935 crore, up from Rs 817 crore in FY23. This growth cements Cashify’s position as a dominant player in the fast-growing re-commerce industry, driven by strong demand for refurbished electronics and strategic partnerships with top OEMs and e-commerce giants.
With a clear focus on profitability, operational efficiency, and sustainability, Cashify is not just growing—it’s redefining the re-commerce landscape in India.
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Cashify’s FY24 Financial Highlights
- Revenue Growth:
- Reported Rs 935 crore in revenue, a 14.4% increase from FY23’s Rs 817 crore.
- Core business of refurbished mobile phones and electronics contributed 91.5% of total revenue, growing 12.3% year-on-year.
- Operational Efficiency:
- Losses reduced by an impressive 63.2%, reflecting improved profitability metrics.
- Maintained a cash balance of Rs 91 crore as of March 2024, showcasing strong financial discipline.
- Diversified Revenue Streams:
- Expanded service offerings, including mobile repair and non-operating services, which added Rs 19.8 crore to the bottom line.
Strategic Partnerships Driving Growth
Cashify’s success in FY24 is largely attributed to its strategic collaborations with leading OEMs like Xiaomi, OnePlus, and Samsung, as well as e-commerce giants Amazon and Flipkart. These partnerships have enabled Cashify to:
- Expand its reach: Collaborating with trusted brands has helped Cashify tap into a larger customer base.
- Enhance customer trust: Partnering with established names reinforces Cashify’s reputation as a reliable platform for refurbished electronics.
- Drive demand: The partnerships have fueled the growing market for pre-owned devices, particularly mobile phones and laptops.
Investing in Innovation and Sustainability
Cashify’s commitment to innovation and sustainability sets it apart in the re-commerce space. The company has made significant investments in its state-of-the-art refurbishment facility, spanning over 80,000 square feet, to ensure the highest quality standards for pre-owned devices.
Key Differentiators:
- Extended Warranties: Cashify offers extended warranties on refurbished devices, providing customers with peace of mind.
- Seamless Customer Experience: From device buybacks to repairs, Cashify ensures a hassle-free process for its users.
- Sustainability Focus: By promoting the reuse and recycling of electronics, Cashify is actively contributing to a circular economy and reducing e-waste.
Leadership’s Vision for the Future
Mandeep Manocha, Co-Founder & CEO of Cashify, shared his thoughts on the company’s performance and future goals:
“We are pleased with the significant progress we’ve made in FY24, both in terms of revenue growth and cost optimization. Our efforts to expand our portfolio, streamline operations, and uphold a strong commitment to trust and transparency in every transaction have been key drivers. Additionally, our partnerships with leading OEMs position us well for future profitability, while also reinforcing our dedication to sustainability. By promoting the reuse and recycling of electronics, we are contributing to a circular economy and reducing electronic waste. We are on track to achieve profitability by FY25, ahead of initial projections, while staying firmly aligned with our sustainable business practices.”
The Road Ahead: Scaling for FY25 and Beyond
Looking forward, Cashify is poised for even greater success in FY25. The company plans to:
- Expand Market Share: Strengthen its presence in India’s growing re-commerce market.
- Achieve Profitability: Stay on track to become profitable by FY25, ahead of initial projections.
- Enhance Offerings: Continue innovating with new services and improved customer experiences.
- Promote Sustainability: Double down on efforts to reduce e-waste and contribute to a circular economy.
Why Cashify is Leading the Re-Commerce Revolution
Cashify’s unique value proposition lies in its ability to combine trust, innovation, and sustainability. With over $130 million in funding and backing from investors like NewQuest Capital, Cashify has built a strong foundation for long-term growth.
What Sets Cashify Apart:
- Trusted Partnerships: Collaborations with top OEMs and e-commerce platforms.
- Customer-Centric Approach: Seamless processes, extended warranties, and high-quality refurbished devices.
- Sustainability Commitment: Actively reducing e-waste and promoting reuse.
