Cashify enters Rs 1,000 crore revenue club in FY25, trims losses by 80%

Cashify enters Rs 1,000 crore revenue club in FY25, trims losses by 80%

Amazon-backed re-commerce platform Cashify has joined the Rs 1,000 crore revenue club for the first time in FY25, driven by strong growth in its core refurbished device business and improved cost management.

The Gurugram-based company also sharply reduced its losses during the year, by almost 80 percent, according to filings made with the Registrar of Companies (RoC).

How much did Cashify earn in FY25?

Cashify’s revenue from operations rose 17 percent year-on-year to Rs 1,095.95 crore in FY25, compared to Rs 935.07 crore in FY24. Including other income of Rs 26.4 crore, the company’s total income stood at Rs 1,122.36 crore, regulatory filings, sourced via The Kredible, showed.

The company primarily enables users to sell old gadgets and buy refurbished devices online. Its core business of selling pre-owned smartphones and laptops remained the dominant revenue stream, while ancillary services such as device repairs and commissions also registered healthy growth during the year.

What happened to Cashify’s expenses and margins?

Cashify’s total expenses climbed 12 percent year-on-year to Rs 1,132.9 crore in FY25, up from Rs 1,008.1 crore in FY24. A significant share of this was driven by procurement costs. Purchase of stock in trade surged 30 percent year-on-year to Rs 913.7 crore, reflecting higher transaction volumes across its platform.

Cost of raw materials consumed rose 20 percent to Rs 66.8 crore, while other operating costs including logistics, distribution, and marketing also saw an uptick. On the other hand, depreciation and amortisation expenses fell nearly 30 percent to Rs 8.8 crore, providing some relief on the cost front. Employee benefits expense remained largely unchanged at Rs 121.7 crore.

Despite the rise in operating costs, Cashify narrowed its net loss to Rs 10.6 crore in FY25 from Rs 53.3 crore in FY24, a reduction of nearly 80 percent. The improvement was largely a result of strong topline growth and tighter cost control. However, profitability remains elusive. EBITDA margin for the year stood at -2.14 percent, while return on capital employed was -10.3 percent.

Why does this matter for the re-commerce market?

Crossing the Rs 1,000 crore revenue threshold cements Cashify’s position among India’s leading organised players in the refurbished electronics segment. The company partners with smartphone makers including Xiaomi, OnePlus and Samsung to run device exchange programmes, and also works with e-commerce giants Amazon and Flipkart to facilitate trade-ins for customers.

This ecosystem approach has helped Cashify expand its sourcing channels, streamline operations and capture a growing share of the second-hand device market. As the industry shifts away from fragmented offline resellers towards structured platforms, players with scale and supply partnerships stand to benefit.

What does Cashify’s balance sheet look like now?

As of March 2025, Cashify had cash and cash equivalents of Rs 68 crore, down from Rs 91 crore in the previous year. Current assets rose to Rs 424 crore from Rs 383 crore in FY24, indicating healthy growth in operational scale. The company’s working capital position also improved due to a sharp swing in inventory movements compared to the previous year.

Cashify’s FY25 performance shows that re-commerce platforms can scale meaningfully while tightening their cost structures. While margins remain negative, the company’s entry into the Rs 1,000 crore club signals a maturing business model in a fast-growing sector.