Cashify fails to turn profitable but investors upbeat on business model

Re-commerce marketplace Cashify continues to miss its target of turning profitable. The company’s net loss widened to `147.9 crore in FY23, compared to 99.3 crore a year ago, despite a strong revenue growth, according to data sourced from Private Circle.

This would be the second instance of the company missing its target of turning profitable. It had first targeted to post a profit by mid-FY22 and then by FY23. In December last year, co-founder and CEO Mandeep Manocha had said losses will narrow in FY23 which would help in turning profitable by FY24-end.