Gurguram-based CashKaro records Rs 225 crore in revenue and Rs 4000 crore in GMV for FY22
- ByStartupStory | July 18, 2022
Cashback & coupons platform CashKaro says that it has clocked Rs 225 crore in revenues and a gross merchandise value (GMV) of roughly Rs 4,000 crore, buoyed by the excellent performance of its new business verticals and significant demand from India’s small towns and cities. According to Swati Bhargava, co-founder of CashKaro, the site now has 1,500 partners it works with and has evolved into a location for customers to find new products.
The company introduced EarnKaro, a social cashback programme, two years ago. That, according to Bhargava, has also done well. According to Bhargava, “We have exclusive deals with top Telegram creators, housewives, Facebook group owners, WhatsApp group owners, students, and others who use the platform to create affiliate links for themselves for any e-commerce product and share it on their WhatsApp groups in order to earn money if someone purchases through the link. People now have the chance to monetise their influence as they hunt for work-from-home opportunities and additional income, she claims.
The CashKaro store network is the third venture the company started last year. About 25,000 Kirana retailers in India have signed contracts with it to accept walk-in consumers’ orders, which are then placed online through the website. Cashback is given to store owners who frequently place orders with CashKaro. “So, the impact that CashKaro has had on their lives is that their monthly incomes have increased from, say, Rs 10,000 to Rs 25,000 to 30,000. The platform enables our partners to access to rural areas and a way to locate new online customers from tier-III and tier-IV towns in India. Due to this, the majority of our partners are ready to pay us greater commissions for business that we bring from the store network.”
Currently, according to the business, the EarnKaro and CashKaro Store Network together account for around 30% of its revenue, with CashKaro accounting for the remaining 70%. Bhargava continues, “Compared with FY21, GMV has grown by 80%, revenue has increased by 100%, and losses have decreased.” This fiscal year, the company aims to generate revenues of between Rs 350 and Rs 400 crore.
The company presently employs 350 people, but by the end of the year, it hopes to boost that number up to 550–600. Bhargava anticipates that the business will wish to conduct an IPO. “Our company has strong unit metrics, thus I believe it can successfully do an IPO. However, I believe we still have time for that because we want to conduct an IPO when our income reaches about Rs 600–700 crore. We are currently at Rs 225 crore, so we still have some time to go, adds Bhargava.
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