Cashify’s Circular Comeback, Swiggy’s New Service, and Flipkart To Exit Aditya Birla

Walk into any Indian home, and you’ll find a familiar sight - a drawer filled with old phones, forgotten chargers, and obsolete gadgets. This “drawer economy” is where India’s tech wealth quietly gathers dust. What Cashify has done, slowly but deliberately, is put a market value on that clutter. It’s turned nostalgia into a balance sheet line item.

Cashify’s story is less about a tech startup chasing growth and more about a startup maturing with its market. In FY24, the company narrowed its loss to ₹38 crore from ₹92 crore a year earlier, even as consumer spending on electronics slowed. Revenue rose 21% to ₹623 crore - modest by Indian startup standards, but meaningful because every rupee was earned with discipline.

At its core, Cashify’s business is simple. It buys used devices from individuals, refurbishes them, and resells them through online and offline channels. The company also acts as the backend for trade-in programs with Apple, Samsung, and Xiaomi - when you walk into an Apple Store and exchange your iPhone, chances are the logistics, valuation, and resale chain behind that transaction run through Cashify. The firm’s growing network of over 200 physical stores across India isn’t just for show; it’s a strategy to build trust in a market where people still hesitate to hand over their gadgets to a faceless app.

But Cashify’s biggest innovation isn’t technological; it’s psychological. Indians don’t discard gadgets easily. That “drawer” exists for cultural reasons - nostalgia, distrust of resale platforms, or simply because the perceived effort outweighs the reward. Cashify changed that equation. Instant price discovery, doorstep pickup, verified refurbishment - these aren’t conveniences, they’re trust builders. The company effectively made recycling aspirational, wrapping sustainability in the ease of an app and the reassurance of a brand.

The timing of Cashify’s evolution couldn’t be better. The 2022 e-waste management rules tightened the noose on informal recyclers and grey-market refurbishers. Certification became mandatory, and compliance costs shot up. For unorganized players, it was the end of the road; for Cashify, it was a moat. The company also benefitted from macro trends: India now discards over 5 million tonnes of e-waste annually, yet less than 15% is recycled formally. The addressable market isn’t just huge, it’s waiting to be structured.

Globally, the re-commerce trend is already mainstream. In Europe, Back Market - a French refurbished-electronics marketplace valued at $5.7 billion - proved that circular consumption can scale. In the US, Swappa and Decluttr have built loyal audiences around affordability and sustainability. Yet these markets are smaller than India’s in both volume and frequency of device turnover. The difference is cultural: where Western users upgrade predictably, Indian consumers upgrade aspirationally. That’s why Cashify’s potential lies not in copying global playbooks but in localizing them - by adding trust, touchpoints, and tailored affordability.

The competition in India is growing, too. Flipkart’s acquisition of Yaantra, Amazon Renewed’s entry, and new-age refurbishers like ControlZ are creating a healthy pressure. But Cashify still leads on brand equity and physical reach. Its tie-ups with Apple and Xiaomi give it access to consistent, high-value inventory - something peers still struggle to match.

The key question, though, is what comes next. Can Cashify remain profitable as the sector expands, or will competition pull margins down again? We think the next leg of growth will likely come from three levers. First, carbon credits - as corporates start buying sustainability offsets, certified recyclers like Cashify could monetize their environmental impact. Second, B2B and telecom collaborations - partnering with telcos and government programs to refurbish and redistribute devices at scale. And third, Tier-2 and Tier-3 penetration - where device hoarding is higher, and organized resale is still rare.

There’s also a bigger narrative at play here - one that goes beyond Cashify. India’s startup decade began with creating consumption: food, fashion, fintech, and delivery. The next decade will be about curating that consumption - fixing inefficiencies, reclaiming value, and closing loops. Cashify isn’t just cleaning drawers; it’s rewriting India’s relationship with its gadgets.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Salam Rocky Bhai”: Swiggy launches mobile pandal serving Pujo bhog to street dogs in Kolkata

Swiggy rolled out a heartwarming twist this Durga Puja with “Bhog Elo Char Chakay,” a mobile pandal that cruised through Kolkata serving Pujo bhog to street dogs.

The specially prepared, dog-friendly meals brought festive cheer to the city’s four-legged residents. The campaign, created with Havas Play India, beautifully blended devotion, compassion, and a dash of creativity on wheels.

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“Mai Ab Chalta Hoon”: Flipkart To Exit Aditya Birla Lifestyle Brands Via INR 950 Cr Block Deal

Flipkart is making a stylish exit from Aditya Birla Lifestyle Brands, selling its entire 6% stake for about ₹950 crore through a block deal. The transaction covers 7.3 crore shares at ₹130 per share, giving Flipkart a clean break from the fashion business.

The sale comes just as ABLBL, which houses brands like Louis Philippe, Van Heusen, and Allen Solly, begins its journey as an independent lifestyle giant after its demerger from ABFRL.

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“Miya Bibi Ho Raazi”: Ola Electric gets govt certification for in-house ferrite motor amid rare earth magnet crunch

Ola Electric just scored government certification for its in-house ferrite motor, marking a big leap amid the global rare earth magnet crunch.

Tested and approved by the Global Automotive Research Centre in Tamil Nadu, the motor met all AIS 041 performance standards. With this move, Ola edges closer to self-reliance in EV manufacturing while sidestepping a key supply chain bottleneck.

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“Ho Jayyegi Balle Balle”: Ather Energy crosses 5,00,000th electric scooter production milestone

Ather Energy just hit a major milestone, rolling out its 5,00,000th electric scooter from its Hosur plant in Tamil Nadu.

Led by the popular Ather Rizta, the company’s production surge signals how fast India’s EV revolution is charging ahead. For Ather, it’s not just another number - it’s half a million steps toward a greener commute.

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“As Bizarre As It Gets”: Paytm introduces ‘Playback’ to make monthly spends history interactive

Paytm just turned budgeting into a beat with its new feature, “Playback.” The tool uses AI to spin your monthly spends into custom rap verses, turning numbers into rhymes.

Found in the ‘Balance & History’ section, it transforms your shopping, travel, and food expenses into a surprisingly catchy financial recap.

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1. Semiconductor startup Morphing Machines has raised INR 38.4 Cr (about $4.3 Mn) in its Series A funding round led by IAN Alpha Fund, with participation from existing investors such as Speciale Invest, IvyCap Ventures, Navam Capital, Golden Sparrow Ventures, IIMA Ventures, and DeVC.
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2. Delhi-NCR-based baby care quick commerce platform OZi has raised $3.3 million in a seed round led by Blume Ventures. The funding, joined by Huddle Ventures and others, will help OZi expand its rapid delivery of brands like Huggies, Nestlé, and Chicco.
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3. Stockbroking platform Dhan has entered India’s unicorn club after its parent, Raise Financial Services, raised $120 million led by Hornbill Capital at a $1.2 billion valuation. The fresh funds will fuel tech upgrades, new financial products, and Dhan’s omnichannel expansion for retail investors.
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4. GreyLabs AI has raised ₹85 crore to supercharge its AI solutions for customer care centres, including voice agents and speech analytics. The startup plans to expand its client base, strengthen on-ground support, and open new regional offices across India.
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5. EcoEx has raised $4 million to boost its clean tech initiatives and scale its Waste Commodity App for traceable, compliant material trade. The funding sets the stage for a $20 million growth target and future IPO plans.
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6. D2C home décor brand DecorTwist has raised $200,000 in a bridge pre-Series A round led by angel investor Tejas Paresh Lodaya. The funds will help expand inventory, launch new products, and grow presence on quick commerce platforms.
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7. Finarkein has secured $1.5 million in a Pre-Series A funding round led by DSP Group Family Office. The fresh and follow-on investments underscore strong investor confidence in the fintech startup’s technology and growth vision.
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8. EV fleet startup Battwheelz has raised ₹2 crore in seed funding from Finvolve and India Accelerator at a ₹60 crore valuation. The capital will help expand operations in Bengaluru and strengthen its EV fleet in Chennai and Pune.
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