Leading re-commerce platform Cashify has released its Year-End Snapshot 2025. The company closed 2025 with around 40 per cent year-on-year growth in its refurbished direct-to-consumer (D2C) business and a 16 per cent rise in trade-ins.

Other highlights of Snapshot 2025 include mobile D2C sales, which accounted for around 20 per cent of total devices refurbished and sold in 2025, while mid and mid-premium smartphones (₹15K–₹50K) drove over 69 per cent of festive demand, mirroring that refurbished buying is now performance-first, not price-first.

Here’s what Nakul Kumar, co-founder, Cashify, told t2 about the Indian e-commerce scene and the outlook for 2026.

What percentage of refurbished devices are rejected during quality checks, and has that improved in 2025?

Every device sold on Cashify goes through multiple layers of diagnostics and stress testing before it reaches a customer. As part of this process, around 10 per cent of refurbished devices are rejected at the final quality-check stage if they fail to meet our standards. In 2025, tighter screening and improved testing protocols have made the process more efficient and consistent, ensuring that only high-quality devices are listed for sale.

How much of the growth came from repeat customers versus first-time refurbished buyers?

Of the overall revenue growth received, around 19 per cent of it was attributed to repeat customers.

As the experience of selling and buying refurbished becomes more familiar and routine, repeat behaviour is becoming more visible. That shift is closely tied to trust. When the process is predictable and friction is low, customers are more comfortable coming back to transact across categories.

Mid and mid-premium phones (₹15,000 to ₹50,000) drove 69 per cent of festive demand. What does this say about India’s aspirational curve?

With 69 per cent of festive demand coming from the ₹15,000–₹50,000 segment, it’s clear that Indian consumers are no longer aspiring for entry-level devices, but for mid-premium and premium experiences.

Notably, most refurbished devices in this price band are former flagship and premium models, signalling a clear behavioural shift. Consumers are choosing to buy premium, but buy smart, accessing top-tier performance, cameras, and design at a fraction of the original cost, without compromising on experience. This reflects an aspirational curve that is moving decisively upward, anchored in value intelligence rather than price sensitivity.

Are entry-level refurbished smartphones losing relevance, or are they shifting to offline and Tier-III markets?

Entry-level refurbished smartphones aren’t losing relevance, but they move through a different part of the recommerce ecosystem. A large share of lower-ASP devices goes through Cashify’s B2B network, where mom-and-pop retailers buy from us and sell locally.

Higher-value devices skew more toward D2C because customers trust Cashify to buy premium products online. That trust makes it easier to sell higher-ASP phones digitally, while entry-level devices naturally find demand through local retailers who act as the point of comfort and familiarity for buyers.

This balance is especially important in a market like India, where over 250 million people still use feature phones, making entry-level refurbished smartphones a natural, affordable upgrade path into the smartphone ecosystem.

Why double down on physical retail in a digital-first business?

In recommerce, access and trust are just as important as convenience. When we started going offline, much of the consumer Internet conversation was centred around being digital and app-first. We took the opposite call, because selling and buying used devices isn’t an impulse decision. People want reassurance, visibility, and the option to interact physically. We see retail as a long-term enabler and will continue to double down. With 300-plus stores planned, our intent is to be present wherever upgrade decisions actually happen, whether that’s online, offline, or at the point of sale.

Tablets, consoles, wearables: What category surprised you the most in 2025? And what’s the outlook for 2026?

Laptops were the biggest surprise in 2025. During the festive period, non-smartphone categories outpaced smartphones, led by laptops, which grew over 200 per cent, followed by wearables at close to 60 per cent.

This momentum carries into our 2026 outlook. We expect non-phone categories like tablets, gaming consoles, smart wearables, and enterprise devices to grow into a more meaningful share of the business as sourcing continues to improve and refurbishment capabilities deepen.