Gurugram-based gadget resale platform Cashify has appointed ICICI Securities, JM Financial, and Nomura as bankers for its upcoming IPO. In the IPO lifecycle, banker appointments typically indicate that preparations have entered an advanced stage, with internal structuring, valuation discussions, and regulatory strategy beginning to take shape.

Cashify IPO is expected to raise between INR 1,500 – 1,800 crore via a public offer. While the final structure is yet to be determined, the offering will likely include a combination of fresh +OFS, enabling early investors such as Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures to partially exit.

Cashify is also likely to opt for the confidential filing route, a mechanism increasingly being used by new-age companies to maintain flexibility around disclosures and timing. If current timelines hold, draft papers could be filed around June–July 2026, with a potential listing slated for FY27.

From a financial standpoint, Cashify’s financial health appears to be strengthening ahead of the market debut. The company reported revenues in the range of INR 1,000–1,100 crore in FY25 and is estimated to close FY26 at INR 1,500–1,600 crore, reflecting a robust year-on-year growth of nearly 50%. More importantly, the path to profitability is becoming clearer. Net losses have already narrowed sharply from INR 53 crore in FY24 to around INR 10 crore in FY25, and the company is expected to turn profitable in FY26 with a projected PAT of INR 20–30 crore.

At a business level, Cashify operates at the intersection of affordability and sustainability, enabling consumers to sell used devices while purchasing refurbished smartphones and laptops. This positioning is increasingly relevant in a market characterized by rising price sensitivity and a growing preference for value-driven consumption. Additionally, the company has been expanding into ancillary verticals such as device repair services and commissions, gradually building a broader device lifecycle ecosystem rather than remaining a pure resale marketplace.

Cashify IPO progress comes at a time when the new-age listing pipeline has slowed considerably due to volatile global conditions, tightening liquidity, and valuation resets in the private market. The decision to move ahead despite unfavourable macro uncertainties suggests a shift in mindset among startups and investors alike.

The broader thematic linkage is equally compelling. Cashify sits within the convergence of digital commerce and the circular economy, a space that is likely to see sustained tailwinds driven by affordability concerns and sustainability awareness. At the same time, Cashify IPO could serve as an early indicator of a reopening exit cycle for venture-backed companies, which has remained subdued over the past few years.

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