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CashKaro recently launched a social cashback app called EarnKaro
India-based cashback and coupons site CashKaro has roped in US$10 million in Series B funding, the company announced in a statement yesterday.
The Series B funding was led by Korea Investment Partners and the company’s existing backer Kalaari Capital, the statement noted.
The company has raised a total of $15 million in funding so far, the statement said. It had last raised a Series A round in late 2015 for $3.8 million from Kalaari Capital, as well as a venture round from Indian industrialist and business tycoon Ratan Tata in the following year.
Co-founder of CashKaro, Rohan Bhargava noted in the statement that the company will be utilizing the funds towards developing its products, acquiring users and hiring efforts.
“CashKaro has seen incredible growth over the last two 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,” Bhargava said in the statement.
“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,” he added.
Both CashKaro and EarnKaro are run by U.K.-based cashback and voucher website Pouring Pounds subsidiary, Pouring Pounds India, the statement noted.
Founded in 2013 by Swati and Rohan Bhargava, CashKaro provides deals on over 1500 ecommerce sites, including fashion, electronics, food, medicines, and groceries amongst others, to its five million users. Cashbacks are transferred as liquid cash to user bank accounts or can be redeemed as vouchers at ecommerce companies Amazon or Flipkart.
“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,” Managing Director of Kalaari Capital, Rajesh Raju noted in the statement.
“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,” Raju added.
CashKaro operates as an ecommerce marketing channel and receives commissions from listed brands for every transaction processed through its platform. The commissions in turn enable the company to offer cashbacks on transactions.
So far, the company has been able to record over a million monthly transactions, with INR1.5 billion (around US$20 million) disbursed as cashbacks through the platform, the statement noted.
It added that EarnKaro was launched in 2019 and currently has over a million registered resellers. The app enables users to monetize product recommendations through social media.
“India is a growing market for us and CashKaro is a great way for us to participate in the Indian ecommerce industry. We believe this is a highly scalable opportunity and both Swati and Rohan have set it on a truly exciting growth trajectory,” Managing Partner of Korea Investment Partners, Hudson Kyung-sik Ho said in the statement.
“CashKaro and EarnKaro together have shown exceptional unit metrics and we are really excited to be a part of India’s Affiliate story,” he added.
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