Cashify’s FY25 income nears Rs 1,100 Cr, losses shrink 80%

Amazon-backed re-commerce platform Cashify has demonstrated stellar financial performance in the fiscal year ending March 2025. While it reported a 17% rise in revenue, surpassing the Rs 1,000 crore threshold, the Gurugram-based firm also narrowed losses by 80% during FY25.

Cashify’s operational revenue reached Rs 1,096 crore in FY25 from Rs 935.07 crore in FY24, the company’s consolidated annual financial statements sourced from the Registrar of Companies (RoC) show.

Cashify allows users to buy and sell used electronics, focusing mainly on phones and laptops. The company partners with original equipment manufacturers such as Xiaomi, OnePlus, and Samsung to run exchange programs. The firm also works with e-commerce giants Amazon and Flipkart to streamline the trade of refurbished devices for customers.

Sales of pre-owned devices contributed Rs 999 crore which grew 17% year-on-year during the last fiscal year. Revenue from services such as repairs and commissions grew 22% to Rs 97 crore. Other income, including interest on deposits, added Rs 26 crore to total income, which stood at Rs 1,12 crore for FY25.

Cashify’s expenses increased by 12% to Rs 1,133 crore in FY25 against Rs 1,008 crore in FY24. The largest expense was the cost of material which accounted for 82% of the total cost, this expense rose by 15% to Rs 924 crore. Employee benefits cost remained almost unchanged at Rs 122 crore. 

Other overheads including selling, distribution, advertising, and miscellaneous expenses added another Rs 44 crore to the total expenditure. For a more detailed expense breakup, refer to TheKredible.

With revenue outpacing expenses, Cashify managed to narrow its losses by a whopping 80%, to Rs 10.5 crore in FY25 from Rs 53 crore in FY24. The company’s EBITDA margin was negative at -2.14%, and return on capital employed stood at -10.28% in the last fiscal year.

As of March 2025, Cashify’s cash and cash equivalents stood at Rs 68 crore, which decreased by 25% from last year’s Rs 91 crore. Its current assets stood at Rs 424 crore in FY25, as compared to Rs 383 crore in FY24.

While the firm ended the last fiscal year with a loss, co-founder Mandeep Manocha recently said that it expects to achieve full-year profitability by the end of the ongoing fiscal year (FY26).

Cashify has raised $130 million across multiple funding rounds. According to TheKredible, NewQuest Capital is the largest external shareholder with a 19.5% stake, followed by Olympus and MIH Ecommerce Holdings. It competes with several players in the market including Greendust, InstaCash and Yaantra.