Omnichannel recommerce platform Cashify has appointed ICICI Securities, JM Financial, and Nomura as bankers for its proposed initial public offering, according to a Moneycontrol report citing sources.
The Gurugram based company plans to raise around Rs 1,500 crore to Rs 1,800 crore through the public issue. The final structure, including the split between fresh issue of shares and offer for sale, will be decided at a later stage.
As per the report, several early investors in the company, including Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures, are expected to offload part of their holdings via the offer for sale component.
Launched in 2013, Cashify allows users to buy and sell used electronics, with a primary focus on phones and laptops. The company partners with original equipment manufacturers such as Xiaomi, OnePlus, and Samsung to run exchange programs. The firm also works with ecommerce giants Amazon and Flipkart to streamline the trade of refurbished devices for customers.
Cashify is likely to opt for the confidential filing route for its draft red herring prospectus. The company is expected to file its IPO papers around June to July this year, with a potential listing timeline in early 2027, as per current plans.
Cashify's operational revenue reached Rs 1,096 crore in FY25 from Rs 935.07 crore in FY24. With revenue outpacing expenses, the company narrowed its losses by 80% to Rs 10.5 crore in FY25 from Rs 53 crore in the previous year.