Cashkaro, one of India’s Largest Cashback & Coupons sites based in Gurugram, announced it has raised $10 million in Series B funding round. The funding is led by Korea Investment Partners (KIP) and existing investor Kalaari Capital, as per ETtech report.
The company said it will spend 5X the usual marketing budget in the next two months, while also hiring and investing in new products like Earnkaro, which allows anyone to become an affiliate marketer, promoting products on any of the 1,500 e-commerce businesses listed on Cashkaro’s platform.
“Businesses like ours stand to benefit from the growth of e-commerce and Covid-19 is leading to a lot of that growth,” said cofounder Swati Bhargava.
“Brands are also seeing more people coming online and want to capitalise on that, and are increasing their marketing spends as there’s a whole new base of shoppers they can capture,” Bhargava added.
Founded in 2013 by Rohan Bhargava and Swati Bhargava, CashKaro is a one-stop destination for savings on all online shopping, enabling members to compare prices, earn extra cashback and get free coupons across 1000+ e-commerce sites like Flipkart, Amazon.in, Tata CliQ, Myntra, etc. The company is backed by Ratan Tata and one of India’s leading VC firms, Kalaari Capital.
Swati Bhargava said Cashkaro was positive about its strong performance in the upcoming sales as its own survey had shown that people were not looking to step into offline stores unless necessary, and that brands were also looking to divert marketing spends from advertisements to performance marketing.
“Gone are those times when brands have unlimited amounts of capital. Brands are more inclined to work on a cost per transaction basis,” Bhargava added.
Earlier, Cashkaro had raised around $5 million in total, of which it raised $3.75 million as part of its Series A funding from Kalaari Capital and Ratan Tata in November 2015.
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