Cashback and coupons app CashKaro has secured Rs 130 crore ($16 million) in a Series C funding round led by Affle Global. The new round has come after a gap of two years for the Gurugram-based company.
With this, the company has raised over Rs 255 crore ($31 million) from investors like Kalaari Capital, Ratan Tata, Korea Investment Partners, and others. Funds will primarily be used for the expansion of the CashKaro and EarnKaro brands and new technology as well as product development, the company said in a statement.
B2C brand CashKaro through its apps like CashKaro, EarnKaro, CashKaro Stores, and BankKaro offers coupons, price comparison, and deals to the consumers and enables its members to earn cashback and rewards for online shopping at more than 1,500 e-commerce brands including horizontals like Amazon, Flipkart, Myntra to vertical leaders like Mamaearth, boAt, Tata 1mg, Nykaa & more. In other words, a massive affiliate network of sorts.
CashKaro claims that it drove gross merchandise value worth Rs 4,000 crore to these partners in FY22.
The company plans to scale its current user base of 20 million to more than 100 million over the next few years.
Swati Bhargava, co-founder of CashKaro, said that the company has registered more than two-fold growth in revenue to Rs 225 crore in FY22 from Rs 100 crore in FY21. She added that the funding will also help to scale up its user acquisition, marketing, expansion into new business verticals, product development, and hiring new talent.
Partner brands pay CashKaro commission for every transaction driven and CashKaro passes a large portion of this as Cashback to the consumers in their bank account or as gift vouchers. As per Fintrackr’s analysis, the majority of CashKaro’s revenue came in the form of commissions from retailers and software development services in FY21. The company is yet to file audited FY22 numbers.
Besides India, the company has operations in the UK and Singapore and competes with GoPaisa, MySmartPrice, and CouponDunia.
For Affle, which has earned its spurs as a mobile marketing firm driven by critical use insights, the investment will possibly deepen a working relationship with CashKaro. So it doesn’t look like just a financial investment. To track just how this goes, iss space ko watch karo!