Cashback and coupons platform CashKaro, operated by Pouring Pounds India Pvt. Ltd, on Thursday raised Rs 130 crore (about$ 15.7 million) in a Series C funding round led by Affle Global Pte. Ltd, it said in a statement.
Affle Global, a wholly-owned subsidiary of Affle Holdings Pte Ltd, made this investment in Pouring Pounds UK, the parent entity of Pouring Pounds India. It was the only participant in the financing round.
The startup plans to utilize this capital to scale up user acquisition, marketing, expansion into new business verticals, product development and hiring new talent, said Swati Bhargava, co-founder of CashKaro and EarnKaro, another entity run by Pouring Pounds India.
“This investment would strategically strengthen our unique business-to-consumer (B2C) engagement model as we scale CashKaro from our current 20 million user base to 100 million+ over the next few years. This deal will augment our position as the largest savings destination in India that provides the best deals, price comparison, coupons and highest Cashback to our members and enable us to offer more data driven solutions to online shoppers in India,” said Rohan Bhargava, another co-founder of the cashback platform.
According to its statement, the company has raised about Rs 125 crore through its previous financing rounds. The B2C platform raised $10 million in a Series B funding round led by Korea Investment Partners in September 2020. In November 2015, CashKaro raised $4 million in Series A funding from Kalaari Capital and existing investors.
The firm, in June, reported revenues amounting Rs 225 crore in FY22 as against Rs 97 crore in FY21, with plans to shore up hiring and double its revenue in the current financial year.
CashKaro was founded by Swati Bhargava and Rohan Bhargava, both graduates of the London School of Economics, in February 2011. The B2C brand offers coupons, price comparisons, and deals to its customers via various applications including CashKaro, EarnKaro, CashKaro stores, and BankKaro. It claims to have over 20 million users on its platform, with its offers available at over 1,500 ecommerce websites. Some of its collaborations include platforms like Amazon, Flipkart, Myntra, and brands like Mamaearth, Boat, Tata 1mg, Nykaa, among others.