CashKaro, India’s largest Cashback and Coupons site has secured $10 million in a Series B funding round led by Korea Investment Partners and existing investor Kalaari Capital. This fresh funding takes the total amount raised by the Gurugram-based startup to $15 million.
The company had previously raised their Series A and angel round of funding from Kalaari Capital, Ratan Tata, and London-based angel investors.
The company would be utilising the fund to scale up marketing, open up new brand building avenues, user-acquisition, product development, and hiring new talent.
“Our social cashback app EarnKaro was launched about a year ago, and seeing its fast growth we are all very excited to deploy more funds towards its expansion,” said Rohan Bhargava, Co-Founder, CashKaro.
Founded in 2012 by Rohan and Swati Bhargava, CashKaro is a marketing channel for over 1,500 e-commerce sites such as Amazon, Flipkart, Myntra, Ajio Brands, that pay CashKaro commission for every transaction, and the startup passes a portion of this as cashback to its members. This Cashback can be redeemed as cash in a bank account or as gift vouchers.
“India is a growing market for us and CashKaro is a great way for us to participate in the Indian e-Commerce industry. We believe this is a highly scalable opportunity and both Swati & Rohan have set it on a truly exciting growth trajectory,” said Hudson Kyung-sik Ho, Managing Partner of KIP. The VC firm has over $3 billion worth of Assets Under Management globally.