India’s e-commerce market is rapidly gaining traction, with a growing appetite for refurbished smartphones. Despite the “stigma” once associated with second-hand devices, consumers now see the value in pre-owned gadgets, thanks to platforms like Cashify. As the leader in India’s e-commerce sector, Cashify is capitalizing on this shift by providing affordable, sustainable, and premium smartphones to tech-savvy buyers.
In FY24, Cashify achieved revenue of Rs 935.07 crore, a 63 percent increase in profit after tax, and a 72 percent increase in EBITDA. The company successfully reduced losses by Rs 91.14 crore, taking it a step closer to profitability.
Making premium smartphones affordable
Smartphones have become essential for work, entertainment, and communication, but the cost of premium models like iPhones remains a barrier for many consumers. Cashify aims to address this challenge by offering high-quality, refurbished devices at a fraction of the original cost.
“India is an ambitious market, and everyone dreams of owning an iPhone,” says Mandeep Manocha, CEO of Cashify. “But spending Rs 90,000 to Rs 1,00,000 on a new device isn’t always feasible, especially for young working professionals. Cashify provides an affordable entry point, allowing people to experience premium smartphones without breaking the bank.”
Apple has emerged as the most in-demand brand on Cashify, with refurbished iPhone sales growing by 38 percent in the first half of 2024 compared to the previous year. The iPhone 11 has become the top-selling model among budget-conscious consumers, many aspiring to own an iPhone but finding new devices too expensive.
At its Noida facility, which spans over 80,000 square feet, Cashify has dedicated engineers and workstations at each station focusing exclusively on Apple products.
Every device undergoes a thorough inspection and repair to ensure it functions like new. By offering these refurbished devices at up to 50 percent less than retail prices, Cashify is making premium smartphone ownership more accessible to millions.
As new technologies, such as 5G, continue to emerge, Cashify expects demand for refurbished phones to rise. “With more advanced models constantly entering the market, our customers can access future-ready 5G devices at affordable prices,” says Manocha. The company anticipates that upgraded 5G devices will play a vital role in the next wave of refurbished sales, providing users with cutting-edge features without the premium price tag.
Quality and sustainability at the core
India’s refurbished smartphone and laptop market is unorganized. What has helped capture 2% of the market in a short period is their SoPs, machinery, and repair work, if needed.
Every smartphone that enters its facility undergoes a multi-step process to ensure optimal performance. The process begins with a detailed inspection, where devices are categorized based on their condition and tested for faults. Once identified, issues are resolved by in-house technicians using professional tools and equipment.
Before a refurbished phone is released for sale, it undergoes a rigorous 32-point quality check. Some devices even come with warranties, giving customers peace of mind and building trust in the refurbished market. Cashify’s approach not only ensures high-quality products but also promotes sustainability by extending the lifecycle of smartphones and reducing electronic waste.
Moreover, Cashify keeps a detailed record of each device during this process, sometimes with videos. These records are kept for years in case a customer decides to sell their phone back to them a couple of years later. That way, they will be able to tell what
Privacy and overcoming consumer hesitations
One of the main reasons people hesitate to sell their old phones is concern over data privacy. Cashify understands these fears and has implemented strict protocols to ensure complete data security.
“When we collect a phone from a customer, the first step is to ask them to perform a factory reset,” explains Manocha. “Once the device reaches our facility, we use advanced software to perform multiple deep wipes, ensuring that no data can be recovered—not even by our most skilled technicians. These data-wiping processes can take hours, but they guarantee complete privacy.”
Despite Cashify’s convenience and value, one of the company’s biggest challenges isn’t competition from manufacturers or buyback programs but unused phones sitting in people’s drawers at home. These perfectly functional devices are often forgotten, representing lost opportunities for sellers and buyers.
“Our biggest competitor isn’t the organized market,” says Manocha. “It’s the drawer in people’s homes. Many phones sit unused simply because people are worried about data privacy or don’t realize the value of selling them. We’re working to change that mindset.”
A market on the rise
The refurbished smartphone market in India is still in its early stages but is growing steadily. Cashify’s business model reflects this gradual development, with more consumers warming up to buying pre-owned phones. The rising popularity of refurbished devices aligns with global trends toward sustainable consumption and reduced e-waste.
Cashify also works closely with smartphone manufacturers to support their various buyback programs. Companies like Apple and Samsung not only provide schematics and spare parts; they depend on them. “Smartphone makers realize that through us, customers who are aspiring to own an iPhone or a Galaxy S device someday can be brought into their respective ecosystems sooner,” says Manocha.
This collaboration strengthens the re-commerce ecosystem, making it easier for consumers to trade in their old phones and upgrade to newer models through a hassle-free process.
Looking ahead, Cashify is well-positioned to lead the way in India’s evolving refurbished smartphone market. By offering affordable, high-quality devices with a focus on privacy and sustainability, the company is redefining smartphone ownership for millions of consumers. As 5G becomes more mainstream, Cashify’s ability to provide future-ready devices at accessible prices will only enhance its appeal.
Through its innovative approach, Cashify is meeting demand and changing perceptions around pre-owned smartphones. By combining affordability, quality, and trust, the company is making refurbished smartphones a smart choice for tech-savvy Indians looking to own premium devices without the hefty price tag.
