India-based re-commerce marketplace Cashify posted INR8.1 billion ($98.1 million U.S.) in consolidated operational revenue for the 12 months ended Mar. 31, 2023 (FY22-23).

According to an Entrackr report, Cashify’s consolidated operational revenue grew by 63.9% y-o-y from INR4.9 billion in the preceding fiscal year. Founded in 2013 and headquartered in Gurugram, India, Cashify buys used electronic products, including phones, laptops and TVs, from consumers and sells the refurbished versions on. It has a presence in the UAE, Turkey and Bangladesh. Sales of electronic products accounted for 93% of its total revenue in FY22-23.

Cashify’s expenses also rose considerably in FY22-23 to INR9.7 billion, up by 61.4% y-o-y from INR6 billion. Due to its inventory-heavy model, procurement costs constitute the major expense. In FY22-23, these accounted for 77% of total expenses, with employee benefits the next highest item.

The company’s loss in FY22-23 stood at INR1.4 billion, which is up by 49.5% y-o-y from INR990 million; however, the percentage increase in losses in FY22-23 was significantly lower than in FY21-22, when losses expanded by 183% y-o-y. Moreover, Cashify raised about $90 million U.S. in a series E funding round in FY22-23 — which, against the backdrop of a widespread “funding winter,” offers much in the way of optimism heading into 2024. If the company continues on the same trajectory, breakeven is probable in the next three years.

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