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

Cashify has unveiled its annual report, 'The Great Indian Upgrade 2025', which delves into the rapidly changing landscape of India's second-hand smartphone market and consumer preferences. The report, backed by a comprehensive survey of 10,000 participants, highlights the transition of resale, trade-ins, and refurbished devices from niche markets to mainstream acceptance. A significant finding reveals that 70% of Indians possess 2 to 3 unused smartphones, leading to what's termed a 'Drawer Economy' valued in the billions. Furthermore, 33% of consumers are now selling their old devices to finance upgrades, and 40% are motivated by attractive buyback offers. Despite this burgeoning trend, a staggering 77% of resales occur through informal channels, signaling a clear demand for reliable and transparent platforms. The appetite for refurbished smartphones is shifting towards mid-range devices priced between ₹15,000 and ₹30,000, as well as premium models exceeding ₹60,000. In the first half of 2025, Apple emerged as the frontrunner in the refurbished market, capturing a remarkable 62.9% share, with OnePlus at 10.2%, Xiaomi at 9.7%, and Samsung at 6.1%. Vivo showcased the most rapid growth, increasing its share from 2.1% in 2024 to 3.2% in 2025. Notably, three out of five refurbished smartphone buyers opted for iPhones, buoyed by high demand for premium models like the iPhone 14 Pro, iPhone 13 Pro Max, and iPhone 12 Pro, reflecting India's growing interest in affordable luxury smartphones. For the first time, Cashify has introduced the Ease of Repair Ranking, which evaluates smartphone brands based on the availability of spare parts and repairability scores. The report indicates that 57.9% of consumers prefer repairing devices rather than replacing them, although high repair costs and limited part availability pose significant challenges. Cashify’s commitment to a 'repair-first, recycle-always' model, supported by over 200 retail locations and an AI-enhanced refurbishment facility, aims to address these issues. According to the survey, 76% of consumers perceive refurbished devices as 'like new', having been tested and repaired by experts. Over 60% of these purchases were Apple devices, with common spending averages ranging between ₹21,000 and ₹35,000. Warranties, detailed repair reports, and 'try before you buy' offerings were identified as key factors that build consumer trust. Mandeep Manocha, Co-Founder & CEO of Cashify, noted, 'India’s $219 billion resale revolution presents not just a market opportunity, but a chance to redefine technology consumption. The future hinges on extending the life of devices rather than merely producing more.' Nakul Kumar, Co-Founder & CMO, emphasized the cultural shift, stating, 'Old phones are increasingly seen as assets rather than waste, and the importance of repairability is central to this evolution.' The report also calls for policymakers to streamline customs for refurbished imports, provide tax incentives for recycling, and enhance digital traceability for e-waste, all aimed at formalizing the recommerce sector.