Cashback and Coupons site CashKaro 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 its Series ‘A’ and angel round of funding from Kalaari Capital, 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 company 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 monetise 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.
CashKaro’s business model is that it is a marketing channel for 1500+ e-commerce 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.
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.”
CashKaro and EarnKaro brands are operated by Pouring Pounds India Pvt Limited which is a subsidiary of UK based Pouring Pounds Ltd.
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.”