Cashify, the re-commerce platform for used electronics, posted a modest 14.4% increase in revenue year-on-year, surpassing INR 900 crore for the fiscal year ending March 2024.
Cashify Successfully Reduces its Losses
At the same time, the company, backed by NewQuest Capital, significantly reduced its losses by 63%. According to its annual financial report, Cashify’s revenue from operations grew to INR 935 crore, up from INR 817 crore in FY23, as per data filed with the Registrar of Companies (RoC).
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The platform, which primarily deals in the buying and selling of used phones and laptops, also collaborates with leading OEMs like Xiaomi, OnePlus, and Samsung for trade-in programs. Additionally, Cashify partners with major e-commerce platforms such as Amazon and Flipkart to streamline the trade of refurbished devices.
Cashify’s Sophisticated Revenue Model
In FY24, the sale of pre-owned electronics, including mobile phones, speakers, laptops, tablets, gaming consoles, and smartwatches, accounted for 91.5% of Cashify’s total operating revenue. This segment saw a 12.3% increase, reaching INR 856 crore. The remaining revenue was generated through commissions and mobile repair services.
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The Gurugram-based company also earned INR 19.8 crore from non-operational services, bringing its total income to INR 955 crore for FY24, up from INR 832 crore in the previous fiscal year.
