Prosus-backed gadget reselling startup Cashify has picked ICICI Securities, JM Financial and Nomura as bankers for its proposed IPO.

The startup is looking to raise ₹1,500-₹1,800 Cr through the IPO, which will be a mix of primary capital and offer for sale (OFS). The details of the two components will be decided at a later date, Moneycontrol reported, citing sources.

Early backers like Bessemer Venture Partners, Olympus Capital Asia, Blume Ventures and others are expected to sell shares through the OFS component of the IPO, the report added.

Cashify is likely to take the confidential route for filing the draft papers with SEBI. The whole process is expected to wrap up in FY27, with DRHP expected to be filed by June or July of this year. The startup is eyeing a listing on the exchanges in early 2027.

Inc42 has reached out to Cashify for comments on the development. The story will be updated on receiving a response.

Founded in 2013 by Mandeep Manocha, Nakul Kumar and Amit Sethi, Cashify is an omnichannel retailer of used consumer electronics items like phones and laptops. The recommerce startup allows users to buy and sell refurbished gadgets. It has also expanded its offerings to include device repairs for pre-owned goods sold on its website.

On the financial front, the startup reported an operating revenue of ₹1,095.9 Cr in FY25, up 17% from ₹935.1 Cr in the previous fiscal year. It also managed to trim its net loss by 80% during the fiscal to ₹10.6 Cr on the back of margin improvement.

The startup also counts ecommerce giant Amazon and NewQuest among its investors.

The development comes at a time when more than 40 new-age tech companies are in various stages of their IPO journey. However, the ongoing conflict in West Asia has soured investor sentiment. Recently, PhonePe temporarily halted its IPO plans despite receiving required regulatory clearances.

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