Cashback platform CashKaro revenue jumps to Rs 350 crore in FY25

CashKaro, the Gurugram-based cashback and affiliate commerce platform, closed fiscal year 2024–25 with Rs 350 crore in revenue, a 20.7% increase from Rs 290 crore the previous year.

Advertisment

Together with its sister app EarnKaro, the platform drove more than Rs 6,000 crore in gross merchandise value (GMV) for over 1,500 partner brands, completing over 36 million transactions.

Founded in 2013 by Swati and Rohan Bhargava, CashKaro has positioned itself as a low-cost acquisition channel for brands, at a time when marketing costs on platforms such as Meta and Google continue to climb.

“For brands, the rising cost of customer acquisition via platforms like Google and Meta has made performance-driven, ROI-positive channels like ours more valuable than ever,” Swati Bhargava said. The company reports a consumer retention rate above 90%.

EarnKaro, which enables users to create affiliate links for e-commerce brands and earn commissions on resulting sales, contributed 2.3 billion of the 2.5 billion traffic leads generated in FY25. Telegram has emerged as the app’s primary engine, accounting for 85% of its affiliate commerce traffic.

Since its inception, CashKaro and EarnKaro have paid more than Rs 1,000 crore in direct bank transfers to users, sticking to cash rewards over vouchers or points, and delivered 2.5 billion clicks to partner brands this year alone. Fashion, beauty, D2C brands, and financial products such as credit cards remain core verticals, with expansion into loans under way. Banking has emerged as a strong revenue driver, while travel is seen as a future growth category.

The company reported an EBITDA loss of about Rs 21 crore for FY25, compared with Rs 15 crore the year prior, citing investments in technology, team expansion, AI-led tracking systems, and automation.

Backed by Kalaari Capital, Affle Global, Korea Investment Partners, and the late Ratan Tata, CashKaro and EarnKaro have raised over Rs 250 crore to date. The group is now targeting more than $1 billion in GMV for FY26.