Cashkaro, the popular cashback and coupouns platform, has announced fresh fundraise worth $16Mn. The round was led by Affle Global Pte Ltd (AGPL), a fully owned subsidiary of Singapore’s Affle Holdings Pte Ltd (AHPL). Including this round, Cashkaro has now raised a total of nearly $27Mn across all its fundraises. Its existing set of investors include Seoul based Korea Investment Partner(KIP), Kalaari Capital, Ratan Tata among others.
Founded in 2013 by LSE alumni and husband-wife team of Swati and Rohan Bhargava, The company had raised $10Mn in 2020 as a part of its Series B round and $3.8 million through its ‘Series A’ round of funding with investments from Kalaari Capital, Korea investment Partner, Ratan Tata, among 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 user base to over 100 million in the next few years,” said Rohan Bhargava, cofounder of CashKaro and EarnKaro, in a statement.
Cashkaro claims to have driven gross merchandise value (GMV) worth ₹4,000 crore for its partner ecommerce websites in FY22 alone.
Cashkaro’s business model is built around commissions driven from sales made on the partner e-commerce websites through CashKaro links. Every sale that is made via CashKaro links sees the partner website pay a certain amount of money back to the company in the form of a commission. CashKaro then further gives a large portion of that commission back to its user base in the form of cashback. The user can then redeem the cashback as gift vouchers or deposit it to their respective bank accounts.
There has been an exponential rise in the popularity of cashback websites within booming e-commerce markets worldwide, and CashKaro aims to capitalize on that very wave and gain the attention of potential users within the Indian market.
