CashKaro raises Rs 130 cr in Series C funding round led by Affle Global
- ByStartupStory | November 3, 2022
The cashback and coupon platform CashKaro announced on Thursday that it had completed a Series C investment round, headed by Affle Global Pte. Ltd., in which it had raised 130 crore (or $15.7 million). Pouring Pounds India Pvt Ltd., the company that runs the platform, has Ratan Tata’s support. Ratan Tata is the former chairman of Tata Sons.
Pouring Pounds UK, the parent company of Pouring Pounds India, received this investment from Affle Global, a fully owned subsidiary of Affle Holdings Pte Ltd. In the fundraising round, it was the lone participant.
According to Swati Bhargava, co-founder of CashKaro and EarnKaro, another business operated by Pouring Pounds India, the startup expects to use this funding to scale up user acquisition, marketing, expansion into new business verticals, product development, and employing new talent.
“As we scale CashKaro from our existing 20 million user base to 100 million+ users over the next several years, this investment would strategically reinforce our unique business-to-consumer (B2C) engagement model. According to Rohan Bhargava, another co-founder of the cashback platform, “this deal will strengthen our position as the largest savings destination in India that offers the best deals, price comparison, coupons, and highest Cashback to our members and enable us to offer more data driven solutions to online shoppers in India.
The company has reportedly raised around 125 crore through prior investment rounds, according to its statement. In September 2020, Korea Investment Partners led a $10 million Series B fundraising round for the B2C platform. CashKaro received $4 million in Series A fundraising in November 2015 from Kalaari Capital and preexisting investors.The company recorded revenues of 225 crores for FY22 as opposed to 97 crores for FY21 in June. It has aspirations to increase hiring and quadruple its revenue for the current fiscal year.
In February 2011, Swati and Rohan Bhargava, both London School of Economics graduates, established CashKaro. Through a number of applications, including CashKaro, EarnKaro, CashKaro shops, and BankKaro, the B2C brand provides its clients with discounts, price comparisons, and bargains. With its offerings being made available on more than 1,500 e-commerce websites, it claims to have more than 20 million consumers on its platform. Platforms like Amazon, Flipkart, Myntra, and brands like Mamaearth, Boat, Tata 1mg, and Nykaa are just a few of the companies it has partnered with.
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