Gurugram-based cashback and coupons platform Cashkaro has raised Rs 130 crore in a Series C funding round led by Affle Global Pte. Ltd. (AGPL).
Following the current round, the cashback and coupons platform has raised Rs 255 crore from investors including Kalaari Capital, Ratan Tata, emeritus chairman of Tata Sons; Korea Investment Partners and others.
Cashkaro, which operates Cashkaro, EarnKaro, Cashkaro Stores, and BankKaro, plans to use the raised capital to expand its user base, marketing initiatives, and product development.
“We are excited to welcome AGPL 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," said Rohan Bhargava, Co-Founder CashKaro and EarnKaro.
"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," Rohan added.
Cashkaro, through its online platform, offers coupons, price comparisons, and deals to consumers to earn cashback and rewards for online shopping at 1,500+ e-commerce sites. The platform has partnered with several e-commerce brands, including Flipkart, Amazon, Tata 1mg, and Myntra.
Partnered brands pay commission for every transaction driven, and CashKaro passes a large portion of this as cashback to consumers in the form of brand gift vouchers.
Speaking on the investment, Anuj Khanna Sohum, Founder and Chairman of AGPL, said, “We are elated to announce our minority investment in CashKaro as they enter 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.”