Amazon-Backed Cashify Selects ICICI Securities, JM Financial, and Nomura as Underwriters for Upcoming IPO

Cashify Selects ICICI Securities, JM Financial and Nomura as Bankers for IPO

Cashify, an omnichannel retailer of used consumer electronics and gadgets, has appointed ICICI Securities, JM Financial and Nomura as bankers for its initial public offering (IPO). This decision comes as an increasing number of new-age companies opt to tap public market investors instead of raising capital from venture capital funds and other private investors.

Cashify aims to raise Rs 1,500-1,800 crore in total, with the mix of primary capital and Offer for Sale (OFS) to be decided at a later stage. Early backers of the company, including Bessemer Venture Partners, Olympus Capital Asia, Blume Ventures and others, are expected to sell shares as part of the OFS.

Cashify will likely take the confidential filing route for filing its IPO, with draft IPO papers to be filed by June-July of this calendar year. The company plans to list on the stock exchanges in early 2027.

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Key Highlights

• Revenue growth: Cashify's revenues are expected to grow by about 50% year-on-year (YOY) from Rs 1,000-1,100 crore in FY25 to Rs 1,500-1,600 crore in FY26.
• Net loss reduction: Cashify narrowed its net loss to Rs 10 crore in FY25, a reduction of nearly 80% from Rs 53 crore in FY24.
• Profit after tax (PAT): Cashify is likely to end FY26 with a PAT of Rs 20-30 crore.

Company Background

Founded by Mandeep Manocha, Nakul Kumar and Amit Sethi in 2013, Cashify has so far raised over Rs 1,200 crore ($140 million), as per Tracxn, a private markets data provider. The company primarily enables users to sell old gadgets and buy refurbished devices online, with a core business of selling pre-owned smartphones and laptops.

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