Gurgaon Based Cashback & coupons site CashKaro.com has raised $3.7 million in its first round of institutional funding from Kalaari Capital. CashKaro’s Series A round comes at a time when Indian e-commerce players are increasingly pushing cashback offers to prop up sales. Such offers help online retailers to get buyers back onto their sites for repeat purchases in a loyalty-starved market.
The company claims to have credited cashback worth Rs 20 crore since its inception, and driven over Rs 500 crore in GMV. It plans to cross Rs 1,000 crore in GMV and credit cashbacks worth Rs 35 crore in the next few months. The company’s reportedly growing at 30-40% every month and claims that 1.5 million online users earn cashback every 15 seconds on the platform.
CashKaro.com, founded in 2013 by the entrepreneur couple Swati Bhargava and Rohan Bhargava, had earlier raised $750,000 from a set of angels. Players like CashKaro, known as affiliate sites, help drive traffic for e-tailers and get paid commissions by them.
CashKaro also offers deals and coupons on its site that users can use while shopping. It receives a sales commission for each product purchased through the site, in return it offers users cashback on listed deals as well. It currently partners with brands like Myntra, ShopClues, Paytm, Zovi, Jabong, MakeMyTrip, Foodpanda, Groupon and Flipkart among others for cashbacks and deals.