CashKaro hits Rs 350 Cr revenue in FY25, GMV soars to Rs 6,000 Cr

CashKaro, the Gurugram-based cashback and affiliate commerce platform, ended FY25 with Rs 350 crore in revenue, marking a 20.7% rise from Rs 290 crore in FY24. The platform, along with its sister app EarnKaro, drove over Rs 6,000 crore in gross merchandise value (GMV) for more than 1,500 partner brands, completing over 36 million transactions during the year.

Founded in 2013 by Swati and Rohan Bhargava, CashKaro has built its pitch as a low-cost acquisition channel for brands, at a time when customer acquisition costs (CAC) on Meta and Google are soaring. “CAG (customer acquisition cost) on our platform is relatively very low compared to Meta and Google, and our consumer retention rate is over 90%,” Swati Bhargava told Entrackr.

The company posted an EBITDA loss of Rs 21 crore in FY25 against Rs 15 crore in FY24. “We have been expanding our tech team, EarnKaro and BankKaro teams, and chasing growth,” Swati said, adding that the banking category has emerged as a strong revenue driver, while travel remains a potential business category for the future.

EarnKaro has been a key growth lever, contributing 2.3 billion of the 2.5 billion total leads generated in FY25. Telegram plays a central role in this, accounting for 85% of the platform’s affiliate commerce traffic. The community driven app has over 4 million users, from students and homemakers to influencers with top earners making up to Rs 40 lakh a month.

The group says it has paid out more than Rs 1,000 crore in direct bank transfers to users since inception, sticking to “real cash” rewards rather than coins or vouchers. Fashion, beauty, D2C brands, and financial products like credit cards remain core verticals, with loans in the pipeline.

Backed by Kalaari Capital, Affle Global, Korean Investment Partners, and the late Ratan Tata, CashKaro and EarnKaro have raised Rs 250 crore to date. The company is now eyeing a GMV of over $1 billion in FY26.