Ratan Tata-backed CashKaro secures Rs 130 crore in latest fundraise

Ratan Tata-backed cashbacks and coupons platform, CashKaro, has secured Rs 130 crore in funding in the Series C fundraise, led by Singapore-based Affle Global. The company aims to use the funds for the expansion of the CashKaro and EarnKaro brand, and for new technology and product development. So far, CashKaro has raised over Rs 255 crore from investors such as Ratan Tata, Kalaari Capital, Korea Investment Partners and more. 

This funding comes after CashKaro said last month that its transactions grew 4X in the festive season sales. Its Gross Merchandise Volume (GMV) recorded a growth of 20X in the first five days of the sale, as Amazon, Myntra, Ajio and Nykaa saw an increase in orders. The growth came as first-time online shoppers from Tier 2-6 towns lapped up offers on these sites. 

CashKaro receives commission from its retail partners, a portion of which it keeps and passes on the rest as cashback to customers. 

Commenting on the funding, CashKaro co-founder Rohan Bhargava said, “We are excited to welcome AGPL (Affle Global Pte Ltd) as our shareholder. This investment would strategically strengthen our unique Business-to-Consumer (B2C) engagement model as we scale CashKaro from our current 20 million user base to 100 million+ over the next few years,” further adding that this funding will also augment its position as the largest savings destination in the country.  

Swati Bhargava, co-founder of CashKaro, said that the company has seen a fast and cost-efficient growth over the last two years. Their revenue increased from Rs 100 crore in FY21 to Rs 225 crore in FY22. “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,” she said. 

Anuj Khanna Sohum, Founder & Chairman of AGPL said that they are optimistic about CashKaro’s continued growth trajectory.  

The B2C brand has various apps including CashKaro, EarnKaro, CashKaro Stores, BankKaro that offer coupons, price comparison, and deals and enables its 20 million members to earn cashback and rewards for online shopping at over 1,500 e-commerce sites including Amazon, Flipkart, Myntra, Mamaearth, Boat, Tata 1mg, Nykaa and more. 

Affle Global is a 100 per cent-owned subsidiary of Affle Holdings, backed by Microsoft, and Bennett Coleman & Company, among others. 

Also read: Ratan Tata-backed rewards platform CashKaro records 20x jump in GMV in festive sales