New Delhi, Nov 3: Cashback and coupons app CashKaro has secured Rs 130 crore in a funding round led by Affle Global, the company said on Thursday.
With this round, CashKaro has so far raised over Rs 255 crore from prominent investors like Kalaari Capital, Ratan Tata, Korea Investment Partners etc, the company said.
CashKaro aims to reach 10 crore-plus user base over the next few years from its current user base of 2 crore.
“This investment would strategically strengthen our unique Business-to-Consumer (B2C) engagement model as we scale.
“This deal will augment our position as the largest savings destination in India that provides 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,” CashKaro and EarnKaro Co-Founder Rohan Bhargava said.
Founded in 2005, Singapore-based Affle Global (AGPL) is a long-term investor in global consumer technology platforms and is a 100 per cent owned subsidiary of Affle Holdings Pte Ltd (“AHPL”).
AHPL is the promoter of Affle (India) Limited and AHPL investors include Microsoft, Bennett Coleman & Company (BCCL), D2C (an NTT DoCoMo and Dentsu JV).
This minority investment by AGPL is in Pouring Pounds UK, which is the parent and owner of Pouring Pounds India that houses the brands CashKaro and EarnKaro.
“We are elated to announce our minority investment in CashKaro as they enter into the next phase of scalability and monetisation. We are optimistic of their product market fit for India and look forward to the continued growth trajectory of CashKaro,” AGPL Founder and Chairman Anuj Khanna Sohum said.
B2C brand CashKaro, through its various apps like CashKaro, EarnKaro, CashKaro Stores (for assisted ecommerce), and BankKaro, offers coupons, price comparison, deals to the consumers.
In 2021-22, CashKaro claims to have driven gross merchandise value worth Rs 4,000 crore on e-commerce platforms like Amazon, Flipkart, Myntra, Boat, etc.
“CashKaro has seen fast and cost-efficient growth over the last 2 years, scaling from Rs 100 crores revenue in financial year 2021 to Rs 225 crore in FY’22, while consistently keeping losses under Rs 10 crores. 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,” CashKaro and EarnKaro Co-Founder Swati Bhargava said. (PTI)
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