New Delhi, Sept. 15, 2020: CashKaro, Cashback and Coupons site has secured USD 10 million in a Series ‘B’ funding round led by Korea Investment Partners (KIP) and existing investor Kalaari Capital. The company had previously raised its Series ‘A’ and angel round of funding from Kalaari Capital, Mr. Ratan Tata, and London-based angel investors.
“CashKaro has seen incredible growth over the last 2 years, while consistently reducing losses. We felt that it was the right time to raise money and use it to tactically scale up marketing, open up new brand building avenues, user-acquisition, product development, and hiring new talent. Our new Social Cashback app EarnKaro has launched about a year ago and seeing its fast growth, we are all very excited to deploy more funds towards its expansion,” said Rohan Bhargava, Co-Founder, CashKaro.com.
CashKaro has also stepped into the world of Social Commerce in 2019 with its Social Cashback App – EarnKaro, which has over 1 million registered resellers within a short span of time. The app is an easy way for students, housewives and resellers to earn money.
Speaking about the funding round, Swati Bhargava, Co-Founder CashKaro said, “We are delighted to welcome KIP as our shareholder. Their experience in guiding businesses like ourselves to scale will be immensely valuable to us. Our business has emerged strongly amidst the global turmoil caused by COVID-19 and this fundraising is a testament to the potential that Performance Marketing holds in India.”
Commenting on the funding round, Hudson Kyung-sik Ho, Managing Partner of KIP said, “India is a growing market for us and CashKaro is a great way for us to participate in the Indian e-Commerce industry. We believe this is a highly scalable opportunity and both Swati & Rohan have set it on a truly exciting growth trajectory. CashKaro & EarnKaro together have shown exceptional unit metrics and we are really excited to be a part of India’s Affiliate story.”
Mr. Rajesh Raju, Managing Director of Kalaari Capital, who also participated in the Series ‘B’ round of funding said, “We have seen CashKaro from its early days and are fortunate to be a part of their journey. They have grown more than 5x in the last 12 months, have been ROI focused and are a clear market leader today. Their latest product innovation EarnKaro has shown impressive capital efficient growth in just a few months and is already treading close to other social commerce startups in the country in terms of GMV. We foresee some truly exciting times for CashKaro in the coming years.”
CashKaro and EarnKaro brands are operated by Pouring Pounds India Pvt Limited which is a subsidiary of UK based Pouring Pounds Ltd.