Rebates website CashKaro has raised Rs.25 crore from venture capital firm Kalaari Capital and existing investors, in yet another sign of continued investor appetite for the Indian ecommerce sector.
Founded by entrepreneur couple Swati and Rohan Bhargava in mid-2013, CashKaro offers cash rebates to customers who buy products from the website’s retail partners or what is called an affiliate model.
In 2013, the company had raised $750,000 in angel funding from a slew of investors based in London who belong to companies such as Paypal, Investec, Goldman Sachs. These investors have also participated in the current funding round, the company said in a statement.
CashKaro said users entering the website through it get up to 50 per cent cashback, over and above the coupons and discounts. The firm receives a commission from the retailers, which it pays back in the form of real cash. So far, CashKaro has credited over Rs.20 crore as cashback and driven over Rs.500 crore in gross merchandise value and is growing at over 30 per cent month on month, it said.
CashKaro plans to use the funds to enter new markets and pursue an aggressive customer acquisition strategy, besides extending our mobile initiatives including launching the CashKaromobile app.
“We believe the e-commerce market in India will grow to upwards of $100 billion over the next decade and companies with unique offerings that help fuel the overall market growth will benefit immensely.
CashKaro perfectly represents India’s love for savings and will play a key role in the growth of the e-commerce market.
“There are billion dollar cashback businesses globally and we believe with Swati & Rohan helming CashKaro we can achieve similar scale in Asia,” Rajesh Raju, Managing Director, Kalaari Capital said.
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