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Friday, April 19 2024
Science & Technology

Cashify’s losses surge nearly 50% to Rs 148 cr in FY23, revenue up 64%

Cashify’s losses surge nearly 50% to Rs 148 cr in FY23, revenue up 64%
Photo Credit : IANS

New Delhi: Re-commerce marketplace Cashify saw its losses surging 49.5 per cent to Rs 148 crore in FY23 from Rs 99 crore in FY22.

The company’s revenue from operations went up 63.9 per cent to Rs 816 crore in FY23 from Rs 498 crore in the earlier financial year, reports Entrackr, citing its financial statements filed with the Registrar of Companies (RoC).

The sale of used mobile phones and other electronic gadgets made 93 per cent of the total operating revenue, which increased by 63.9 per cent to Rs 762 crore in FY23 from Rs 465 crore in FY22.

In June last year, Cashify secured more than $90 million in its Series E funding from NewQuest Capital Partners and Prosus.

Existing investors Bessemer, Blume Ventures and Olympus Capital invested in this round, with participation from new investor Paramark Ventures.

“We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy,” Mandeep Manocha, Founder and CEO of Cashify, had said.

Apart from smartphone buyback, Cashify has become a smartphone-centric brand with comprehensive mobile care at users’ doorsteps.

The company also works with several offline and online channels and original equipment manufacturers.

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