Homegrown cashbacks and coupons platform CashKaro, which offers attractive e-commerce deals to customers, saw its transactions grow 4x in the just-concluded festive season sales. Its Gross Merchandise Volume (GMV) recorded a higher growth at 20x in the first five days of the sale, driven by orders on Amazon, Myntra, Ajio, and Nykaa.
Hordes of first-time online shoppers from India’s Tier 2-6 towns contributed to the growth, doubling traffic from these locations. “In the first five hours of the Myntra & Ajio sales, CashKaro sent over 1 million traffic of high-intent shoppers to their apps,” the company revealed.
CashKaro receives commission from its retail-partners, a part of which it pockets, while passing on the rest as cashback to the customers.
Swati Bhargava, co-founder, CashKaro, shared, “The last two weeks of September brought the biggest days for e-commerce in India. CashKaro is the natural choice for people to get the maximum discounts and savings on these sales. As the sales went live on September 22, CashKaro saw a 7x surge in traffic on its app.”
Smartphones accounted for 45 per cent of all orders placed via CashKaro, reflecting the larger festive season trend. Apple iPhone 12, Samsung M13, Redmi Note 10, Realme Narzo 50i, and OnePlus Nord CE2 were the bestselling models in the category.
Sales via CashKaro for D2C brands like WOW Skin Science, MCaffeine, Dot & Key, and Mamaearth, too witnessed a 3X jump in conversions. “As the first phase of the sales wraps up and the second phase begins, we can expect the home improvement and beauty categories to get a boost in momentum as there will be heavy discounts on the same,” CashKaro stated.
Founded in 2013, the Gurgaon-based start-up was among the early movers in the online rewards space, partnering with 1,500+ e-commerce brands. Two years ago, CashKaro also rolled out a social cashback app EarnKaro, which works with over 20 lakh affiliate marketers and influencers. “Since CashKaro works on a pay-per-sale model, this traffic was absolutely free for its partners, strengthening CashKaro’s position as India’s largest performance marketing channel for e-commerce in India,” Rohan Bhargava, co-founder, CashKaro, stated.
Besides Ratan Tata, the Series B start-up has also secured venture funding from Kalaari Capital, Korea Investment Partners (KIP), and a clutch of London-based angel investors. CashKaro’s GMV reportedly crossed Rs 4,000 crore on sales of Rs 225 crore in FY22.
The company is now gearing up to launch BankKaro, which will offer cashbacks and rewards on credit cards, small-ticket personal loans, etc.
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