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CashKaro Raises Funds Over $16Mn
Online shopping and UPI payments have now become a part of our daily lives. When we talk about them, we talk about cashbacks and rewards. One commonly used app for cashbacks and coupons is CashKaro.
This app was started by the Bhargava couple, Swati and Rohan Bhargava in 2013. Today this company, with its multiple ventures, has a total revenue of 225 crores and around 4,000 crores of Gross Merchandise Value.
CashKaro recently announced a 16 million dollar fundraise. Afle Global Pvt. Ltd. (AGPL) is heading this fundraise.
In a public interview, the co-founder of CashKaro, Rohan Bhargava welcomed AGPL on board and saying, “We are excited to welcome AGPL as our shareholder. This investment will strategically strengthen our unique business-to-consumer (B2C) engagement model as we scale the CashKaro user model to over 100 million in the next few years.”
Along with AGPL, Seoul-based Korea Investment Partner (KIP), Kalahari Capital and Indian business tycoon Ratan Tata are also among the top investors of Cashkaro.
CashKaro also launched a CashKaro store network last year. This business is in partnership with local Kirana stores. They collect the orders of their daily customers and place them online for better service and convenience. And with this, those customers can also earn cashback on their daily spending.
CashKaro has also announced its latest venture “BankKaro”. This will give the users certain cashbacks on credit card purchases along with short term personal loans and other such financial services.
The app can help students, housewives, and people who want to work from home or have a second income. The company aims to tone down their losses to nil in the upcoming financial year and are hoping to churn 350-400 crores worth of revenues.
