Cashback and coupons firm CashKaro raises Rs 130 crore in funding

Company will use funding for expansion, new technology and product development

CashKaro, the coupons and cashback platform, has raised Rs 130 crore in a Series C funding round led by Affle Global Pte. Ltd (AGPL).

The funding will be used for the expansion of CashKaro and EarnKaro, new technology and product development.  

Including this round, CashKaro has so far raised over Rs 255 crore from Kalaari Capital, Ratan Tata, chairman emeritus of Tata Sons, Korea Investment Partners and others.

“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,” said Rohan Bhargava, co-Founder CashKaro and EarnKaro.

“We are elated to announce our minority investment in CashKaro as they enter into the next phase of scalability and monetization. We appreciate the team, their strategic execution focus on profitable growth and commitment towards good corporate governance. We are optimistic of their product market fit for India and look forward to the continued growth trajectory of CashKaro,” said Anuj Khanna Sohum, founder and chairman of AGPL.

The company operates apps called CashKaro, EarnKaro, CashKaro Stores (for assisted ecommerce), and BankKaro. It offers coupons, price comparison, deals to consumers and enables its 20 million members to earn cashback and rewards for online shopping at over 1,500 ecommerce sites.

Ecommerce brands include horizontals like Amazon, Flipkart, Myntra to vertical leaders like Mamaearth, Boat, Tata 1mg, Nykaa & more.

“CashKaro has seen fast and cost-efficient growth over the last 2 years, scaling from Rs. 100 crores revenue in FY21 to Rs. 225 crores in FY22, while consistently keeping losses under Rs. 10 crores. 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,” said Swati Bhargava, co-Founder, CashKaro and EarnKaro.

In FY22, CashKaro claims to have driven gross merchandise value worth Rs 4,000 crore.