Cashback and coupons platform CashKaro has secured Rs 130 crore in a Series C funding round led by Singapore-based investor Affle Global, a 100%-owned subsidiary of Affle Holdings.
With the addition of this round, CashKaro has thus far raised over Rs 255 crore from prominent investors such as Kalaari Capital, Ratan Tata, Korea Investment Partners and more.
The company plans to use the money to develop new products and technologies, as well as to expand the CashKaro and EarnKaro brands.
The co-founder of CashKaro and EarnKaro, Rohan Bhargava, commenting on the funding round said, “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 that provides the best deals, price comparison, coupons and highest Cashback to our members and enable us to offer more data driven solutions to online shoppers in India.”
Commenting on the development, Anuj Khanna Sohum, Founder & Chairman of AGPL said, “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.”
B2C brand CashKaro through its numerous apps, including CashKaro, EarnKaro, CashKaro Stores (for aided ecommerce), and BankKaro, provides coupons, price comparison, promotions, and allows its 20 million users to earn Cashback & Rewards for online purchasing at more than 1,500 ecommerce sites.
Ecommerce brands include Amazon, Flipkart, Myntra, Mamaearth, Boat, Tata 1mg, Nykaa & more.
In FY22, CashKaro claims to have driven gross merchandise value worth Rs 4,000 crore to these partners.
Swati Bhargava, Co-Founder, CashKaro & EarnKaro, added “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. AGPL’s journey is inspiring and we are glad to have them as our shareholders as we cross new milestones.”
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