Cashback and coupon company CashKaro raises Rs 130m in funding
Funds are to be used for CashKaro and EarnKaro expansion, new know-how and product improvements.
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 happy to welcome AGPL as a shareholder. This investment would strategically strengthen our unique business-to-consumer (B2C) engagement model as we grow CashKaro from our current base of 20 million users to over one hundred million over the next few years. This agreement will strengthen our position as India's leading financial savings destination,” said Rohan Bhargava, co-founder of CashKaro and EarnKaro.
“We are pleased to announce our minority funding into CashKaro as they enter the next phase of scalability and monetization. We respect people, their strategic execution is focused on meaningful progress and a commitment to good corporate governance. "We are confident that their product market is suitable for India and look forward to CashKaro's continued progress," said Anuj Khanna Sohum, Founder and Chairman of AGPL.
The company operates applications called CashKaro, EarnKaro, CashKaro Stores (for assisted e-commerce) and BankKaro. It offers coupons, price comparisons, offers for customers and allows its 20 million members to earn cashback and rewards for online purchases on more than 1,500 e-commerce sites.
E-commerce brands include horizontal companies like Amazon, Flipkart, Myntra and vertical market leaders like Mamaearth, Boat, Tata 1mg, Nykaa and more.
"CashKaro has grown rapidly and profitably over the past 2 years, growing from Rs. one hundred crores in revenue in FY21 to Rs. 225 crores in FY22, while maintaining losses consistently under Rs. 10 crores We felt it was a good time to fundraise and expand our talent acquisition, publicity, expansion into new ventures, product development and hiring new skills,” said Swati Bhargava, co-founder of CashKaro and EarnKaro.
In FY22, CashKaro claims to have increased the gross value of goods to Rs 4,000 crore.