Cashback and coupon platform CashKaro has raised $10 million in its Series B funding round led by Korea Investment Partners and existing investor Kalaari Capital. The fresh round for the Gurugram-based company has materialized after a gap of 5 years.
In November 2015, CashKaro had received $3.75 million as a part of its Series A investment round from Kalaari Capital and Ratan Tata. The company has raised nearly $15 million with the fresh infusion.
The platform would utilize the fresh proceeds to scale up marketing, open up new brand building avenues, user-acquisition, product development along with investing in its new social deal cashback app EarnKaro, said the company in a statement.
Floated by Swati Bhargava and Rohan Bhargava, the eight-year-old startup provides cashback, price comparison of products across top retailers and special coupon codes for over 1500 retailers. The cashback offered by the platform is real cash that can be transferred to the users’ bank account or redeemed as Amazon or Flipkart gift vouchers.
So far, CashKaro claims to have over 5 million users with deals on 1500 e-commerce sites including Amazon, Flipkart, Myntra and AJIO, among others. The company also claims to witness above 10 lakh monthly transactions and disbursing Rs 150 crore as cashback to its members to date.
Besides India, the company has operations in the UK and Singapore and faces tough competition from the likes of CouponDunia and Nearbuy. Commenting on the fundraise, Swati, co-founder of CashKaro said, “We are delighted to welcome KIP as our shareholder. Our business has emerged strong amidst the global turmoil caused by COVID-19 and this fundraise is a testament to the potential that Performance Marketing holds in India.”
While CashKaro is yet to file its financial statements for the year ending March 2020, it had posted Rs 37.74 crore revenue from operations in FY19, a 76.02% jump from Rs 21.44 crore in FY18. Simultaneously, the losses of the firm also shrunk by 92.72% from Rs 1.65 crore in FY18 to Rs 12.43 lakh in the previous fiscal year.
