Cashback and coupons platform CashKaro, has secured Rs 130 crore in a Series C funding. The company plans to deploy the fresh round of investment to expand the market for the CashKaro and EarnKaro brands, and including technology and product development, the company revealed.
Rohan Bhargava, Co-Founder of Gurgaon based CashKaro and EarnKaro, said, “We are excited to welcome AGPL as our shareholder. This investment would strategically strengthen our unique business-to-consumer (B2C) engagement model as we scale CashKaro from our current 20 million user base to 100 million+ over the next few years.
“This deal will augment our position as the largest savings destination in India that provides the best deals, price comparison, coupons, and highest cashback to our members and enable us to offer more data-driven solutions to online shoppers in India.”
CashKaro delivers coupons, promotions, and price comparison to customers through its numerous apps including CashKaro, EarnKaro, CashKaro Stores (for assisted ecommerce), and BankKaro. It also enables its 20 million members to earn cashbacks and prizes for online purchasing at more than 1,500 ecommerce sites. Ecommerce brands range from leaders in their respective verticals, such as Mamaearth, Boat, Tata 1mg, and Nykaa, to horizontal players like Amazon, Flipkart, and Myntra.
CashKaro targets to rope in 100 Million New users
According to CashKaro, these partners received gross merchandise value worth Rs 4,000 crore in FY22. For every transaction it drives, partner businesses pay CashKaro commission, which it then largely distributes to customers as cashback or gift cards in their bank accounts.
Anuj Khanna Sohum, Founder and Chairman of AGPL, said, “We are elated to announce our minority investment in CashKaro as they enter the next phase of scalability and monetisation. We are optimistic of their product-market fit for India and look forward to the continued growth trajectory of CashKaro.”
Swati Bhargava, Co-Founder, CashKaro & EarnKaro said “CashKaro has seen fast and cost-efficient growth over the last two years, scaling from Rs 100 crore revenue in FY21 to Rs 225 crore in FY22, while consistently keeping losses under Rs 10 crore. We felt it was the right time to raise money and scale up our user acquisition, marketing, expansion into new business verticals, product development, and hiring new talent. AGPL’s journey is inspiring and we are glad to have them as our shareholders as we cross new milestones.”
The funding round was led by Affle Global Pte. Ltd. (AGPL). Including this round, CashKaro has so far raised over Rs 255 crore from prominent investors like Kalaari Capital, Ratan Tata, Korea Investment Partners, and more.