CashKaro.com, a cashback and coupons site, today announced that the company has crossed Rs. 10 crore mark in cashback payments to its valued users.
CashKaro.com works with 500+ e-commerce sites like Amazon.in, Paytm, Jabong, Snapdeal, Shopclues and charges a commission for every sale it drives to partner retailers. The company shares this commission with its members as ‘Cashback’. This is real cash which can be paid to user’s bank accounts. Given cashback is paid on top of coupons & best deals on the internet, it enables maximum savings to shoppers.
So far, the company claims to have driven over Rs. 150 crores of sales to its partners and the business is growing at 30-40% per month. CashKaro claims to have a user community of over 1.5 million shoppers.
Globally, ‘cashback’ is a recognized, tried & tested model with billion dollar businesses in many countries. Recently, Ebates.com, largest US cashback site was acquired by Rakuten for $1 Billion. Fanli.com, which is the largest Chinese cashback site with over 70 million members, was valued at $1 billion in its recent funding round. While Quidco.com, the largest UK cashback site, is rumored to be worth over $500 million and more. With a fast growing e-commerce market & love for savings, CashKaro is hoping for a similar growth in India.
Commenting on this development, Co-Founder’s Swati & Rohan Bhargava, said, “We as a team are both thrilled and encouraged as we cross another milestone at CashKaro.com. Since our inception, our sole endeavour has been to provide the ever evolving Indian online shopper a fulfilling experience and assure them of best deals while giving them extra cashback on their purchases across e-retailers. We are elated to see the continuous growth on our platform, as today we are not only leading the cashback space in terms of scale but also in terms of qualitative consumer experiences. Having given six times the cashback over a period of 1 year is an exceptional feat and would like to thanks all those who have partnered with us and recognized the model.”
Launched in April 2013, CashKaro was founded by Swati Bhargava and Rohan Bhargava, a young entrepreneur couple who left their lucrative Investment banking jobs in London to start the Cashback business in the UK (Pouring Pounds) & have now expanded it to India. Both Swati and Rohan are alumni of The London School of Economics.
CashKaro is the only externally funded Cashback site in India. The company successfully raised $750,000 funding in August 2013 by a group of angel investors in the UK from companies like Paypal, Gumtree, Investec & more. CashKaro has also partnered with Alibaba to further strengthen the brand’s market leading position in India. Recently, the company also launched its product discovery and price comparison features.