CashKaro raises Rs 130 Cr in Series C round led by Affle Global
CashKaro will use the fresh capital for expansion of the CashKaro and EarnKaro brands, and new technology and product development.
, a Gurugram-based cashback and coupons site, has secured Rs 130 crore in a Series C funding round 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.
The fresh capital raised will primarily be used for expansion of the CashKaro and EarnKaro brands, and new technology and product development, the company said.
Speaking about the new development, Rohan Bhargava, Co-Founder 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 through its various apps like CashKaro, EarnKaro, CashKaro Stores (for assisted ecommerce), and BankKaro, offers coupons, price comparison, and deals to consumers, and enables its 20 million members to earn cashbacks and rewards for online shopping at 1,500+ ecommerce sites.
Ecommerce brands include horizontals like Amazon, Flipkart, and Myntra to vertical leaders like Mamaearth, Boat, Tata 1mg, Nykaa, and more.
In FY22, CashKaro claims to have driven gross merchandise value worth Rs 4,000 crore to these partners.
Partner brands pay CashKaro commission for every transaction driven, and CashKaro passes a large portion of this as cashback to consumers in their bank account or as gift vouchers.
Commenting on the investment, 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.”
“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,” said Swati Bhargava, Co-Founder, CashKaro & EarnKaro.
Edited by Teja Lele