Along with this round, CashKaro has raised nearly Rs 255 crore as of now from Kalaari Capital, Ratan Tata, chairman emeritus of Tata Sons, Korea Investment Partners and others. The deal will develop the company’s position as the largest savings destination in India. According to CashKaro, it has driven gross merchandise value worth Rs 4,000 crore, during FY22
CashKaro, has raised Rs 130 crore in a Series C funding round led by Affle Global Pte. Ltd (AGPL). The platform deals in coupons and cashbacks. The funding raised will be utilised to expand the CashKaro and EarnKaro, a new technology and product development.
Along with this round, CashKaro has raised nearly Rs 255 crore as of now from Kalaari Capital, Ratan Tata, chairman emeritus of Tata Sons, Korea Investment Partners and others.
The co-Founder CashKaro and EarnKaro, Rohan Bhargava said that it is matter of excitement welcoming AGPL as the shareholder. Such investment would provide a strategical strengthen to the unique Business-to-Consumer (B2C) engagement model as plans to level-up CashKaro from the existing 20 million user base to 100 million and more is foreseen in coming years.
The deal will develop the company’s position as the largest savings destination in India, he added.
The founder and chairman of AGPL, Anuj Khanna Sohum said that, the company is elated to announce the minor investment in made in CashKaro, it is entering the next phase of scalability and monetization. The team, strategic execution focus on profitable growth and commitment towards good corporate governance is much appreciated. The company is optimistic of the product market it has for India and looks forward to contributing to the growth trajectory of CashKaro.
The applications that company operates are CashKaro, EarnKaro, CashKaro Stores (for assisted ecommerce), and BankKaro. Offering coupons, price comparison and deals to consumers, it provides its 20 million members opportunities to earn cashback and rewards for online shopping with around 1,500 ecommerce sites.
The ecommerce brands include horizontals such as Amazon, Flipkart, Myntra to vertical leaders like Mamaearth, Boat, Tata 1mg, Nykaa and many more.
The co-Founder of CashKaro and EarnKaro Swati Bhargava said that the company has witnessed fast and cost-efficient growth in last two years. Levelling up from Rs. 100 crores revenue in FY21 it has reached to to Rs. 225 crores in FY22, while facing consistent losses under Rs. 10 crores.
It was the right time for the company to raise money and step up its user acquisition, marketing, expansion into new business verticals, product development and hire new talent, she added.
According to CashKaro, it has driven gross merchandise value worth Rs 4,000 crore, during FY22.