Cashify Moves Toward IPO With Public Entity Conversion and New Independent Directors

Cashify’s board has passed a special resolution to change the company’s name from Cashify Private Limited to Cashify Limited, according to regulatory filings accessed by Entrackr. The move signals a more advanced stage in the company’s proposed IPO preparation, alongside the appointment of IPO bankers and an overseas expansion plan.

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. The board-level changes are part of the company’s broader governance preparations before a proposed public listing.

In March 2026, Cashify appointed ICICI Securities, JM Financial, and Nomura as bankers for its proposed initial public offering, according to a Moneycontrol report cited in the article. The company also disclosed co-founder compensation, including perquisites, incentives and one-time bonuses: Mandeep Mancoha received Rs 4.02 crore, while Nakul Kumar and Amit Sethi received Rs 4 crore each. Cashify’s board has also approved the formation of Cashify Phone Trading FZCO, a wholly owned subsidiary in Dubai Airport Free Zone.

Cashify is yet to file its FY26 financial statements, but its FY25 operational revenue reached Rs 1,096 crore, up from Rs 935.07 crore in FY24. With revenue outpacing expenses, the company narrowed losses by 80% to Rs 10.5 crore in FY25 from Rs 53 crore in the previous year. The company, launched in 2013, helps users buy and sell used electronics, especially phones and laptops, and works with OEMs including Xiaomi, OnePlus, and Samsung, as well as ecommerce platforms Amazon and Flipkart.