CashKaro raises Rs130 crore in fresh funding
Cashback and coupons platform CashKaro has raised Rs 130 crore as part of its recent funding round led by Affle Global Pte Ltd (AGPL). This minority investment has flowed into Pouring Pounds UK, the parent entity of Pouring Pounds India which houses the CashKaro and EarnKaro brands.
CashKaro has, including the latest round, raised over Rs 125 crore from investors including Kalaari Capital, Ratan Tata, emeritus chairman of Tata Sons; Korea Investment Partners and others. Singapore-based AGPL is a fully owned subsidiary of Affle Holdings Pte Ltd (AHPL). Bennett, Coleman and Company Ltd (BCCL), which publishes the Economic Times, is an investor in AHPL.
CashKaro plans to use the proceeds from the current fundraise to scale up user acquisition, double down on marketing, and expand into new business verticals. CashKaro operates various apps including EarnKaro, CashKaro Stores, and BankKaro.
The company said it has enabled almost 20 million members to earn cashback and rewards for online shopping at over 1,500 ecommerce sites including Amazon, Flipkart, Mamaearth, Boat, Tata 1mg, and Nykaa.
“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 user base to over 100 million in the next few years,” said Rohan Bhargava, cofounder of CashKaro and EarnKaro, in a statement. According to the company, it drove gross merchandise value (GMV) worth Rs 4,000 crore for its partner ecommerce websites in FY22.
“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,” said Anuj Khanna Sohum, founder and chairman of AGPL.
The company also crossed the Rs 200 crore revenue mark in FY22. Earlier this year, the company had also expressed plans to hire as many as 350 employees across functions, taking its overall team size to over 700 members.
“CashKaro has seen fast and cost-efficient growth over the last 2 years, scaling from Rs 100 crore revenue in FY21 to Rs 225 crore in FY22, while consistently keeping losses under Rs 10 crore. 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,” said Swati Bhargava, cofounder, CashKaro and EarnKaro.
CashKaro has, including the latest round, raised over Rs 125 crore from investors including Kalaari Capital, Ratan Tata, emeritus chairman of Tata Sons; Korea Investment Partners and others. Singapore-based AGPL is a fully owned subsidiary of Affle Holdings Pte Ltd (AHPL). Bennett, Coleman and Company Ltd (BCCL), which publishes the Economic Times, is an investor in AHPL.
CashKaro plans to use the proceeds from the current fundraise to scale up user acquisition, double down on marketing, and expand into new business verticals. CashKaro operates various apps including EarnKaro, CashKaro Stores, and BankKaro.
The company said it has enabled almost 20 million members to earn cashback and rewards for online shopping at over 1,500 ecommerce sites including Amazon, Flipkart, Mamaearth, Boat, Tata 1mg, and Nykaa.
“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 user base to over 100 million in the next few years,” said Rohan Bhargava, cofounder of CashKaro and EarnKaro, in a statement. According to the company, it drove gross merchandise value (GMV) worth Rs 4,000 crore for its partner ecommerce websites in FY22.
“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,” said Anuj Khanna Sohum, founder and chairman of AGPL.
The company also crossed the Rs 200 crore revenue mark in FY22. Earlier this year, the company had also expressed plans to hire as many as 350 employees across functions, taking its overall team size to over 700 members.
“CashKaro has seen fast and cost-efficient growth over the last 2 years, scaling from Rs 100 crore revenue in FY21 to Rs 225 crore in FY22, while consistently keeping losses under Rs 10 crore. 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,” said Swati Bhargava, cofounder, CashKaro and EarnKaro.
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