Cashify revenue surges 14.4% to near ₹1000 crore in FY24 – CNBC TV18

Re-commerce marketplace for refurbished electronics, Cashify is on track to profitability. For the fiscal year ending March 2024, Cashify reported a revenue from operations of ₹935 crore, a 14.4% increase over the ₹817 crore recorded in FY23. This growth is driven by strong demand for refurbished mobile phones, laptops, and other electronics.

Cashify’s strategic partnerships with leading OEMs like Xiaomi, OnePlus, and Samsung, as well as e-commerce giants Amazon and Flipkart, have been instrumental in driving this growth.

Cashify’s cash-and-carry model, strong financial discipline, and strategic partnerships have allowed it to maintain a solid cash balance of ₹91 crore as of March 2024. With an eye on future growth, the company continues to innovate in the re-commerce space, including a significant investment in its state-of-the-art refurbishment facility, spanning over 80,000 square feet. This investment not only enhances the quality of pre-owned devices but also differentiates Cashify from the other players in the market.

Key highlights of Cashify’s performance in FY24:

Revenue Surge: Total revenue increased to ₹935 crore, up from ₹817 crore in FY23.

Core Business Growth:

Sales of used mobile phones and other electronics contributed to 91.5% of the total operating revenue, registering a 12.3% year-on-year increase. Cashify also expanded its service offerings with mobile repair and non-operating services, contributing an additional ₹19.8 crore to the bottom line.

Operational Efficiency & Controlled Costs: The company’s focused approach on operational efficiency helped it trim its losses by an impressive 63.2% reflecting a marked improvement in key profitability metrics.

Mandeep Manocha, Co-Founder & CEO, Cashify highlighted the company’s achievements in FY24, emphasising their focus on revenue growth and cost optimisation.

“We are pleased with the significant progress we’ve made in FY24, both in terms of revenue growth and cost optimisation. 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,” Manocha added.

Founded in 2013, Cashify has so far raised $130 million in funding, with NewQuest Capital holding the largest share. With over 200 stores across India, Cashify in addition to smartphones, offers a wide range of products, including laptops, smartwatches, tablets, gaming consoles, and more.

Cashify is also an official trade-in provider for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung and Dell in India. With a monthly active user base of 10 million, Cashify will now focus on scaling its operations, improving profitability, and expanding its market share, with an optimistic outlook for FY25 and beyond.