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Cashback and coupons site CashKaro has raised $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 rounds of funding from Kalaari Capital, Ratan Tata and London-based angel investors.
KIP is a leading venture capital firm with over 30 years of investment experience and over $3-billion worth of assets under management globally.
“CashKaro has seen incredible growth over the last two 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 was launched about a year ago and seeing its fast growth, we are all very excited to deploy more funds towards its expansion,” Rohan Bhargava, co-founder, CashKaro.com, said in a statement.
CashKaro stepped into the world of social commerce in 2019 with social cashback app EarnKaro, which has already garnered over one million registered resellers.The app is an easy way for students, home-makers and resellers to earn money. A lot of influencers are also using EarnKaro to monetise product recommendations and networks.
Users can simply turn e-commerce links into EarnKaro links and then share them on their WhatsApp, Telegram, YouTube and other social channels. When someone shops via this link, users earn profit in the form of real cash.
CashKaro is a marketing channel for 1,500-plus e-commerce sites like Amazon, Flipkart, Myntra and Ajio. Brands pay CashKaro a commission for every transaction made, and CashKaro passes a large portion of this as cashback to its members. This cashback can be redeemed as cash in a bank account or as Amazon/Flipkart gift vouchers. Most large e-commerce markets in the world like the US, UK, China have a cashback site that is valued well over $1 billion. This is the opportunity that CashKaro is trying to capture in India.
CashKaro is India’s largest cashback site and is also available as an app for both iOS and Android devices. Today, the app witnesses 10 lakh-plus monthly transactions and its members have so far earned over ₹150 crore as cashback.
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