Gurugram-based CashKaro had previously raised Series A and angel round of funding from Kalaari Capital, Ratan Tata, and London-based angel investors.
“We felt that it was the right time to raise money and use it to tactically scale up marketing, open 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.
The company claimed that EarnKaro already has over 1 million registered resellers on its platform. Users 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.
Meanwhile, CashKaro acts as a marketing channel for 1500+ ecommerce sites like Amazon, Flipkart, Myntra, Ajio. Brands pay CashKaro commission for every completed transaction, and CashKaro passes a large portion of this as cashback to its members. The cashback can be redeemed as cash in a bank account or as Amazon/Flipkart gift vouchers.
“We have seen CashKaro from its early days and are fortunate to be a part of their journey. They have grown more than 5x in the last 12 months, have been ROI focused and they are a clear market leader today. Their latest product innovation EarnKaro has shown impressive capital efficient growth in just a few months and is already treading close to other social commerce startups in the country in terms of Gross Merchandise Volume (GMV),” Rajesh Raju, managing director of Kalaari Capital.
CashKaro and EarnKaro brands are operated by Pouring Pounds India Pvt Limited, which is a subsidiary of UK-based Pouring Pounds Ltd.