Cashify is taking concrete steps towards its proposed IPO, converting into a public company and appointing independent directors. The firm has also appointed IPO bankers and is expanding overseas, signalling that its public-market plans are moving into a more mature stage.
The board at Cashify passed a special resolution to change its name from Cashify Private Limited to Cashify Limited, according to regulatory filings accessed by Entrackr.
As part of its IPO preparations, Cashify has appointed Vipul Sabharwal and Anil Berera as non-executive independent directors for a five-year term. Both directors will be eligible for remuneration of up to Rs 35 lakh each, including sitting fees.
In a separate resolution, the company also disclosed the salaries of its three co-founders, including perquisites, incentives and one-time bonuses. Mandeep Mancoha, Nakul Kumar and Amit Sethi received Rs 4.02 crore, Rs 4 crore and Rs 4 crore, respectively.In March 2026, the company appointed ICICI Securities, JM Financial, and Nomura as bankers for its proposed initial public offering, according to a Moneycontrol report citing sources.
The company is also expanding its international operations. The board has also cleared the approval to establish Cashify Phone Trading FZCO, a wholly owned subsidiary in Dubai Airport Free Zone, which will trade mobile phones, accessories, computers, refurbished goods, and other electronic devices.
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 programmes. It also works with ecommerce giants Amazon and Flipkart to streamline the trade of refurbished devices for customers.
Cashify is yet to file its FY26 financial statements but its 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.
-Entrackr