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§ Private Profile · Gurgaon, Haryana, India
Cashback and coupons platform enabling users to save money on online shopping for consumers in India via affiliate marketing.
CashKaro is a Gurgaon, India-based affiliate marketing platform that provides cashback rewards and discount coupons for online shoppers. The company operates by earning commissions from over 1,500 e-commerce retail partners and passing a portion of those earnings to its consumer base, which surpassed four million active registered users in 2019. Through its core platform and its social commerce offshoot EarnKaro, the enterprise has generated over ₹1,000 crore in gross merchandise value and distributed more than ₹100 crore in total cashback. CashKaro drives consumer traffic to major retail partners such as Amazon India and Myntra, supported by several early equity funding rounds from prominent investors including Kalaari Capital and Ratan Tata. The organization, which expanded its dedicated technology staff to more than 80 employees in Chennai, was founded in 2013 by Rohan Bhargava and Swati Bhargava.
Cashkaro has raised $14.6M across 3 funding rounds.
Cashkaro has raised $14.6M in total across 3 funding rounds.
Cashkaro has raised $14.6M across 3 funding rounds. Most recently, it raised $10.0M Series B in September 2020.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 1, 2020 | $10M Series B | Korea Investment Partners | Penglan, Kalaari Capital | Announced |
| Nov 16, 2015 | $3.8M Series A | Kalaari Capital | — | Announced |
| Jul 29, 2013 | $750K Venture Round | — | Doug Scott, Gumtree, Investec, PayPal Ventures | Announced |
Cashkaro has raised $14.6M in total across 3 funding rounds.
Cashkaro's investors include Korea Investment Partners, Penglan, Kalaari Capital, Doug Scott, Gumtree, Investec, PayPal Ventures.
CashKaro is India's leading cashback and coupons platform, enabling users to save money on online shopping across over 1,500 e-commerce sites like Amazon, Flipkart, and Myntra.[1][2][3] It serves more than 20 million registered users by offering cashback, coupons, and affiliate opportunities through initiatives like EarnKaro, which turns users into mini-entrepreneurs via social commerce.[2][3] The platform solves the problem of high online shopping costs in a price-sensitive market, driving massive growth: FY25 revenue hit ₹350 crore with ₹6,000 crore in partner sales (GMV), up from ₹250 crore revenue and ₹4,000 crore GMV in FY22, while paying over ₹1,000 crore in total cashback.[3][5]
Backed by investors like Ratan Tata, Kalaari Capital, Affle, and Korea Investment Partners (total funding ~$30M+), CashKaro has expanded into assisted e-commerce and offline partnerships, employing 350+ people across Gurgaon and Chennai.[3][4][5] Its momentum reflects strong product-market fit in India's booming e-commerce sector, targeting profitability within two years.[5]
CashKaro was founded in April 2013 by husband-and-wife duo Swati Bhargava and Rohan Bhargava as a simple solution to make online shopping more rewarding amid India's nascent e-commerce boom.[1][2][3][4] The idea emerged from recognizing consumers' desire for extra savings—perfect timing as platforms like Flipkart and Amazon gained traction, creating ideal affiliate opportunities.[2][3]
Early traction built quickly: by 2015, it raised ₹25 crore Series A from Kalaari Capital, partnered with Alibaba, and hit 50 employees.[3] Pivotal moments included Ratan Tata's 2016 investment, onboarding 1,500+ partners, and reaching ₹1,000 crore GMV.[3] The 2019 launch of EarnKaro sparked social deal commerce, while 2020's $10M Series B and 2023's ₹130 crore Series C fueled hypergrowth, crossing 20M users and ₹100 crore FY21 revenue.[3][4][5]
CashKaro stands out in India's crowded cashback space through these key strengths:
CashKaro rides India's e-commerce explosion, fueled by 800M+ internet users, UPI payments, and post-COVID digital shopping shifts—market forces amplifying affiliate marketing's potential.[2][5] Timing is ideal: as e-tailers like Amazon and Flipkart compete on margins, cashback sites like CashKaro capture value from referral traffic, influencing ecosystem dynamics by democratizing savings and creator economies via EarnKaro.[2][3]
It shapes the landscape by bridging online-offline retail and enabling micro-entrepreneurship, especially in Tier 2/3 cities where affordability drives adoption.[3] With India's e-commerce projected to hit $350B by 2026, CashKaro's model pressures competitors while boosting partner GMV, positioning it as a key enabler in the affiliate and deal-discovery wave.[5]
CashKaro's trajectory points to IPO readiness or acquisition as it chases profitability in FY26-27, leveraging FY25's ₹350 crore revenue for deeper AI personalization, international expansion, or Web3 rewards.[5] Trends like quick commerce, vernacular UX, and social commerce will propel growth, with EarnKaro potentially rivaling global platforms like Honey or Rakuten.
Its influence could evolve from cashback leader to full-stack commerce enabler, empowering India's aspirational middle class—echoing the founders' original vision of rewarding everyday shoppers in a high-growth market.[2]