CashKaro (1) is a cashback and coupon platform that encourages ecommerce in India. The Gurugram-based startup has recently raised ten million USD in its Series B funding round. The latest fundraising was led by KIB (Korea Investment Partners). Its existing investors also participated in the round, including Kalaari Capital.
Previously the company had secured its angel and Series A funding round from Ratan Tata, Kalaari Capital, and angel investors based in London. Notably, KIB is a leading venture capital that has over 30 years of experience in investments. The firm has over 3 billion USD worth of assets under its management across the globe.
CashKaro Co-founder Rohan Bhargava stated that since its inception, the platform had seen exceptional growth. He added that the firm is continuously reducing its losses. The team is raising capital to ramp up marketing, product development, user acquisition, opening brand building avenues, and hiring new people.
Rohan also stated that their new app EarnKaro, a social cashback platform, launched a year ago, is snowballing. He is excited to allocate more funds for its expansion. In 2019, CashKaro entered the social commerce world with EarnKaro. Notably, the platform already has more than one million registered resellers. Students, homemakers, and resellers find it easy to make money on EarnKaro.
CashKaro is an Emerging eCommerce Platform in India.
Many influencers are also using the app to monetize their recommendations and networks. Users can quickly convert their ecommerce links into Earnkaro links and share these links on WhatsApp, Youtube, Telegram, and other social media platforms. When people shop via the links, they can earn profit in real cash.
Swati Bhargava, CashKaro Co-founder, stated that they are delighted to welcome KIP as their shareholders. She added that the firm has a vast experience in guiding similar business, which is highly valuable. The company is doing well despite the COVID-19 turmoil across the globe. The latest fundraise an indicator of the potential of Indian performance marketing, she added.
CashKaro has over five million users today, with over ten lakh monthly transactions. The members of the app have earned over 150 crore INR as cashback. The company has secured over 25 million USD from its investors, including Kalaari Capital, KIP, and Ratan Tata.
Author: Rucha Joshi
Source : https://timesnext.com/cashkaro-secures-10-million-usd-in-series-b-funding-round/
Date : 2020-09-15T16:39:59.000Z