Cashify Reports Increased Revenue and Expanding Services

Cashify, a leading player in the used mobile phone and electronic gadgets market, witnessed a substantial surge in revenue alongside increased losses in the fiscal year 2022-23.

Revenue and Operational Insights

According to reports from Entrackr citing the company’s financial filings with the Registrar of Companies (RoC), Cashify’s revenue from operations experienced a significant uptick of 63.9 per cent, soaring to Rs 816 crore in FY23 from Rs 498 crore in the previous financial year.

The sale of used mobile phones and electronic gadgets constituted a significant portion of Cashify’s total operating revenue, accounting for 93 per cent. This segment witnessed remarkable growth, reaching Rs 762 crore in FY23 compared to Rs 465 crore in FY22, reflecting a 63.9 per cent surge.

Funding and Strategic Outlook

Cashify made headlines in June last year by securing over $90 million in its Series E funding round, with major contributions from NewQuest Capital Partners and Prosus. This round also saw continued support from existing investors like Bessemer, Blume Ventures, and Olympus Capital, alongside the entry of new investor Paramark Ventures.

Mandeep Manocha, the Founder and CEO of Cashify, expressed optimism about the company’s future endeavors. He emphasized the goal of enhancing services and offerings for customers in India, with a broader mission of integrating the circular economy into their operations.

Diversified Services

Besides its core business of smartphone buyback, Cashify has expanded its portfolio to become a smartphone-centric brand offering comprehensive mobile care services right at users’ doorsteps. The company collaborates with various offline and online channels, as well as original equipment manufacturers (OEMs), to further its reach and impact in the market.

Cashify’s financial performance coupled with its strategic initiatives reflects a dynamic approach towards growth and customer-centricity in the competitive landscape of used electronics and mobile devices.