Coupons and cashback deal website Cashkaro has raised ~ $3.78 million (Rs 25 crore) in a Series A funding from Kalaari Capital, reports ET. The company will use the funds for brand building, marketing and international expansion to Russia, Singapore, Malaysia and the Gulf countries. It also plans to launch its Android and iOS apps next year.
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.
Launched in April 2013 by Swati Bhargava and Rohan Bhargava, Cashkaro had raised $750,000 from a group of UK based angel investors, in the same year in August. While the company did not disclose all the angel investors, ASAP Ventures’ owner Doug Scott has co-invested in the company and was appointed as an advisor at Cashkaro.
Alibaba tie up: In May, Cashkaro tied up with China’s Alibaba Wholesale to offer up to 1.50% cashback on products listed on the website, which would be added to the users’ CashKaro account and also be transferred to their bank account.
Launch of price comparison: In February, Cashkaro updated its website to include a product discovery and price comparison search engine, which could compare products and prices across websites including Amazon, Snapdeal, Jabong, Paytm, Homeshop18, LensKart, FabFurnish and Firstcry.
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.
– In October, Little, the Paytm backed hyperlocal deals marketplace, acquired Trideal, a curated deals marketplace in Chandigarh for an undisclosed amount.
– In July, Price comparison service MySmartPrice raised $10 million in a Series B round of funding, to use it for marketing, hiring and expanding the number of offline retailers on its platform.
– In June, Times Internet-owned CouponDunia launched an in-store, hyperlocal couponing system where users would be able to buy items in offline stores using CouponDunia’s coupons.
– In February, PriceBaba extended its service to four new cities Chennai, Hyderabad, Baroda and Surat, adding to a total of 11 cities across India.
– Amazon’s price comparison website Junglee.com had added a number of e-commerce platforms, including Jabong, Myntra, Lenskart, BabyOye, Zansaar, and HealthKart among others as sellers in August last year.
Image Credit: Yoel Ben-Avraham