Cashify generates a revenue of INR 498 Cr; Sales account for 90% of revenue

Cashify

Cashify, is a re-commerce company founded in 2009 by Amit Sethi, Mandeep, Nakul, and Siddanth as ReGlobe. The company was founded in Gurugram. The company deals in the resale of electronic gadgets. They also provide refurbishing services for gadgets. They rebranded themselves as Cashify in 2012.

As per the audited financial statements of the company, the revenue from operations was INR 498 crores at the end of FY22. 

The major part of the revenue is from the sale of electronic gadgets and mobile phones, this revenue accounted for more than 90% of the total revenue, which amounted to INR 465 crores by the end of FY22. The amount of revenue from mobile ancillary services like mobile recycling, refurbishing and repairing amounted to INR 33 crores during FY22. 

The company has been backed up by Amazon, and so far they have raised $130 million through funding.

As per the expenses sheet, the company spent INR 450 crores on the cost of materials, and INR 75 crores on its employee expenses. The company is also looking to hire more people for its new stores in the coming business year. They have spent INR 603 crores on its marketing. They have spent on advertising and promotional activities to build their business operations and scale.

As per the financial analysis, the company’s financial performance metrics stood as follows: ROCE and EBITDA margin at -203.19% and -18.15% respectively at the end of FY22. And, it has been observed that the company has spent INR 1.21 to generate INR 1 as its revenue.

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