15th September 2020, New Delhi: CashKaro, India’s largest Cashback and Coupons site has secured USD 10 million in a Series ‘B’ funding round led by Korea Investment Partners (KIP) and existing investor Kalaari Capital. The company had previously raised their Series ‘A’ and angel round of funding from Kalaari Capital, Mr. Ratan Tata and London-based angel investors.
KIP which led the funding round is a leading venture capital firm with over 30 years of investment experience and over $3 billion worth of Assets Under Management globally.
“CashKaro has seen incredible growth over the last 2 years, while consistently reducing losses. We felt that it was the right time to raise money and use it to tactically scale up marketing, open up new brand building avenues, user-acquisition, product development and hiring new talent. Our new 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.” Rohan Bhargava, Co-Founder, CashKaro.com said.
The cashback giant has also stepped into the world of Social Commerce in 2019 with their Social Cashback App – EarnKaro, which already has over 1 million registered resellers within a short span of time. The app is an easy way for students, housewives and resellers to earn money. A lot of influencers are also using EarnKaro to monetize their product recommendations and networks. Users simply turn e-commerce links into EarnKaro links and then share them on their WhatsApp, Telegram, YouTube and other social channels. When someone shops via this link, users earn profit in the form of real cash.
Speaking about the funding round, Swati Bhargava, Co-Founder CashKaro said, “We are delighted to welcome KIP as our shareholder. Their experience in guiding businesses like ourselves to scale will be immensely valuable to us. Our business has emerged strong amidst the global turmoil caused by COVID-19 and this fundraise is a testament to the potential that Performance Marketing holds in India.”
CashKaro’s business model is that it is a marketing channel for 1500+ ecommerce sites like Amazon, Flipkart, Myntra, Ajio. Brands pay CashKaro commission for every transaction driven, and CashKaro passes a large portion of this as Cashback to its members. This Cashback can be redeemed as cash in a bank account or as Amazon/Flipkart Gift Vouchers. Most large ecommerce markets in the world like the US, UK, China have a Cashback site that is valued well over a Billion Dollars. This is the opportunity that CashKaro is trying to capture in India.
Commenting on the funding round, Hudson Kyung-sik Ho, Managing Partner of KIP said, “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. CashKaro & EarnKaro together have shown exceptional unit metrics and we are really excited to be a part of India’s Affiliate story.”
Mr. Rajesh Raju, Managing Director of Kalaari Capital, who also participated in the Series ‘B’ round of funding said, “We have seen CashKaro from its early days and are fortunate to be a part of their journey. They have grown more than 5x in the last 12 months, have been ROI focused and are a clear market leader today. Their latest product innovation EarnKaro has shown impressive capital efficient growth in just a few months and is already treading close to other social commerce startups in the country in terms of GMV. We foresee some truly exciting times for CashKaro in the coming years.”
CashKaro has also won the Best Affiliate Publisher Award from IAMAI and was certified as a Great Place To Work by GPTW. The brand, both of whose founders are Fortune 40 Under 40 Entrepreneurs has set its eyes on becoming the ultimate online savings destination in India.
CashKaro and EarnKaro brands are operated by Pouring Pounds India Pvt Limited which is a subsidiary of UK based Pouring Pounds Ltd.
Founded by Swati and Rohan Bhargava, CashKaro offers its 5 million users the best deals on 1,500+ e-commerce sites across categories including fashion, electronics, food, medicines, grocery and more. It is India’s largest Cashback site and is also available as an app for both iOS and Android devices. Today CashKaro witnesses 10 Lakh+ monthly transactions and its members have thus far earned over Rs.150 Crore as Cashback. What makes CashKaro unique is that this Cashback is neither wallet cash nor points but real cash that can be transferred to the users’ bank account or be redeemed as Amazon/Flipkart gift vouchers. CashKaro is the only VC funded Cashback site in India and has so far raised a total of USD 15 million from prestigious investors including Korea Investment Partners (KIP), Kalaari Capital and Mr. Ratan Tata.