[Funding Alert] Cashback and Coupon Platform CashKaro raises INR 130 Cr Series C fund led by AGPL

Cash Karo

CashKaro, a Gurugram-based cashback and coupon site, has secured INR 130 crore in a Series C funding round led by Affle Global Pte. Ltd. (AGPL).

With this CashKaro has so far raised over INR 255 crore from prominent investors such as Kalaari Capital, Ratan Tata, Korea Investment Partners and others. 

The newly raised capital will primarily be used to expand the CashKaro and EarnKaro brands and to develop new technologies and products, the company said. 

Rohan Bhargava, Co-Founder of CashKaro and EarnKaro, 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 grow CashKaro from our current 20 million user base to over 100 million over the next few years.” 

He added, “This deal will strengthen our position as India’s largest savings site, providing our members with the best deals, price comparisons, coupons and highest cashback, and will enable us to offer more data-driven solutions to online shoppers in India.”

Anuj Khanna Sohum, Founder and Chairman of AGPL, said, “We are delighted to announce our minority investment in CashKaro as they enter the next phase of scalability and monetization. We are optimistic about their product market fit for India and look forward to CashKaro’s continued growth trajectory.” 

Swati Bhargava, Co-founder of CashKaro & EarnKaro, said, “CashKaro has seen rapid and cost-effective growth over the past two years, growing from INR 100 crore in FY21 to INR 225 crore in FY21 22, while consistently keeping losses below INR 10 million. We felt the time was right to raise money and expand user acquisition, marketing, expansion into new business verticals, product development and hiring new talent. AGPL’s journey is inspiring and we are happy to have them as our shareholders as we cross new milestones,” 

Through its various apps such as CashKaro, EarnKaro, CashKaro Stores (for assisted e-commerce) and BankKaro, CashKaro offers consumers coupons, price comparisons and offers and enables its 20 million members to earn cashbacks and rewards for online shopping in over 1,500 e-commerce sites. E-commerce brands range from horizontals like Amazon, Flipkart and Myntra to vertical leaders like Mamaearth, Boat, Tata 1mg, Nykaa and others.

In FY22, CashKaro claims to have provided a gross merchandise value of INR 4,000 crore to these partners. Affiliate brands pay CashKaro a commission for each transaction made, and CashKaro passes a large portion of this as cashback to consumers in their bank accounts or as gift vouchers.

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