Resale to repair: Cashify report reveals India’s $219B smartphone resale market

Cashify has released its annual whitepaper The Great Indian Upgrade 2025, offering a deep dive into India’s evolving second-hand smartphone market and consumer behaviour. Backed by a survey of 10,000 respondents, the report shows how resale, trade-ins, and refurbished devices are moving from the margins to the mainstream.

The study highlights that 70% of Indians hoard 2–3 unused phones, creating what Cashify calls a “Drawer Economy” worth billions. 33% of users now sell old devices to fund upgrades, while 40% are motivated by competitive buyback offers. Despite this growing trend, 77% of resales still happen through informal channels, showing a need for trusted, transparent platforms.

Refurbished demand is shifting from budget devices under ₹10,000 to mid-range ₹15K–30K and premium ₹60K+ categories. Apple leads the refurbished market with a 62.9% share in H1 2025, followed by OnePlus (10.2%), Xiaomi (9.7%), and Samsung (6.1%). Vivo showed the fastest growth, climbing from 2.1% in 2024 to 3.2% in 2025.

Three in five refurbished buyers opted for iPhones, driven by strong demand for premium models like the iPhone 14 Pro, iPhone 13 Pro Max, and iPhone 12 Pro. This reflects India’s rising appetite for affordable premium smartphones.

For the first time, Cashify has introduced India’s Ease of Repair Ranking, assessing brands based on spare-part availability and repair scores. The report found that 57.9% of consumers prefer repair over replacement, but high costs and part shortages remain barriers. Cashify’s “repair-first, recycle-always” model, supported by 200+ stores and an AI-driven refurbishment facility, aims to close this gap.

The survey revealed that 76% of consumers understand “refurbished” as ‘like new – tested and repaired by experts’. Over 60% of refurbished purchases were Apple devices, with the most common spend being ₹21K–35K. Warranties (52.5%), detailed reports (16.9%), and “try before you buy” options (16.9%) were cited as the top trust enablers.

“India’s $219B resale revolution isn’t just a market opportunity, it’s a chance to redefine how technology is consumed. The future of growth lies not in producing more, but in making every device last longer,” said Mandeep Manocha, Co-Founder & CEO, Cashify.

“For too long, old phones have been treated as clutter rather than capital. India’s upgrade culture is shifting from impulsive consumption to mindful circulation… Repairability plays a vital role in this transformation,” added Nakul Kumar, Co-Founder & CMO, Cashify.

The whitepaper also urges policymakers to simplify customs for refurbished imports, offer tax incentives for recycling, and build digital traceability for e-waste to formalise the recommerce industry.