Cashify is moving closer to its proposed IPO after converting into a public company and appointing two independent directors. The Gurugram-based recommerce platform has also appointed IPO bankers and approved a wholly owned subsidiary in Dubai.
The company’s board passed a special resolution to change its name from Cashify Private Limited to Cashify Limited, according to regulatory filings accessed by Entrackr. The move comes as Cashify strengthens its corporate structure ahead of a potential stock market listing.
Cashify IPO: Key Highlights
- Cashify has changed its name from Cashify Private Limited to Cashify Limited.
- The company appointed Vipul Sabharwal and Anil Berera as non-executive independent directors.
- Both directors will serve for a five-year term.
- Each independent director can receive remuneration of up to ₹35 lakh, including sitting fees.
- Cashify appointed ICICI Securities, JM Financial, and Nomura as IPO bankers in March 2026.
- The company has approved a wholly owned subsidiary in the Dubai Airport Free Zone.
- Cashify recorded ₹1,096 crore in operating revenue in FY25, up from ₹935.07 crore in FY24.
- Its loss narrowed to 80% to ₹10.5 crore in FY25, from ₹53 crore in the previous year.
Cashify Changes Name Ahead of IPO
Cashify has formally started its transition from a private company to a public entity.
The company’s board approved a special resolution to change its legal name from Cashify Private Limited to Cashify Limited. The decision was disclosed through regulatory filings accessed by Entrackr.
This change represents an important corporate step for Cashify as it prepares for its proposed IPO. However, the company has not yet completed the public issue process.
Cashify Appoints Two Independent Directors
Cashify has also strengthened its board as part of its IPO preparations.
The company appointed Vipul Sabharwal and Anil Berera as non-executive independent directors. Both will serve for five years. Each director will be eligible for remuneration of up to ₹35 lakh, including sitting fees.
The company also disclosed the remuneration of its three co-founders. Mandeep Mancoha received ₹4.02 crore, while Nakul Kumar and Amit Sethi received ₹4 crore each. The amounts include perquisites, incentives, and one-time bonuses.
The new appointments come as Cashify prepares for the governance requirements associated with a potential public listing.
Cashify Already Has Three IPO Bankers
Cashify had taken another step towards its proposed IPO in March 2026.
The company appointed ICICI Securities, JM Financial, and Nomura as bankers for the proposed public issue, according to an earlier Entrackr report citing a Moneycontrol report.
The company was then expected to raise around ₹1,500 crore to ₹1,800 crore through the IPO. The final structure, including the split between a fresh issue and an offer for sale, was yet to be decided.
Several early investors, including Bessemer Venture Partners, Olympus Capital Asia, and Blume Ventures, were expected to potentially sell part of their holdings through the OFS component.
An earlier report also said Cashify was likely to use the confidential filing route for its draft red herring prospectus. At the time, the company was considering a potential listing in early 2027.
Cashify Approves Dubai Subsidiary
Cashify is also expanding its operations outside India.
The company’s board has approved the establishment of Cashify Phone Trading FZCO in the Dubai Airport Free Zone. The subsidiary will be wholly owned by Cashify.
The new entity will trade in mobile phones, accessories, computers, refurbished goods, and other electronic devices. The move will give Cashify a base for expanding its international operations.
What Does Cashify Do?
Cashify was launched in 2013 and operates in the used electronics and recommerce market.
The company allows consumers to buy and sell used electronics, with smartphones and laptops forming a major part of its business. It also works with brands such as Xiaomi, OnePlus, and Samsung on exchange programmes.
Cashify also partners with e-commerce platforms including Amazon and Flipkart to facilitate the trade of refurbished devices.
The company’s business model places it across the consumer electronics, e-commerce, and refurbished-device segments.
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Cashify Revenue Reaches ₹1,096 Crore in FY25
Cashify has improved its financial performance while preparing for its proposed IPO.
The company’s operating revenue reached ₹1,096 crore in FY25, compared with ₹935.07 crore in FY24. This represents growth of around 17% year-on-year.
Cashify also reduced its losses during the year. Its loss narrowed 80% to ₹10.5 crore in FY25, compared with ₹53 crore in the previous year. Revenue growth outpaced the increase in expenses during the period.
However, Cashify has yet to file its FY26 financial statements. Its latest full-year financial performance is therefore not available yet.
Cashify Moves Closer to Public Markets
Cashify’s latest corporate decisions bring the company closer to its proposed IPO.
The conversion into a public company strengthens its corporate structure. The appointment of independent directors also adds to its board ahead of a potential listing.
At the same time, the appointment of three IPO bankers shows that Cashify has been actively preparing for the public issue. Its planned Dubai subsidiary also points to a broader expansion strategy.
However, Cashify has not yet completed its IPO process. The final issue structure, valuation, and listing timeline have not been confirmed in the latest report.
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Cashify IPO Plans Gain Momentum
Cashify is strengthening its business and corporate structure as it moves towards the public markets.
The company has now converted into a public entity and appointed two independent directors. It has also appointed IPO bankers and approved a Dubai-based subsidiary.
Its financial performance has also improved. Cashify generated ₹1,096 crore in operating revenue in FY25 and reduced its loss to ₹10.5 crore.
The next steps in Cashify’s IPO journey will depend on further corporate actions, regulatory filings, and decisions around the final public issue structure.
