Cashback and coupon site Cashkaro.com has raised $750,000 from a group of UK based angel investors.While the company did not disclose all the angel investors, U.K based coupon site, ASAP Ventures’ owner Doug Scott has co-invested in the company and is now an advisor at Cashkaro. ASAP Ventures runs Discount Vouchers, a UK based voucher website. It’s not clear how the company plans to use the funds raised.
Launched in April 2013, Cashkaro.com offers coupons on its site that users can use while shopping. It also offer cashback once a product is purchased. The company receives sales commission for each product one buys through their site. In return, it awards its users with cashback offers. The cashback rewards can be availed on top of a cashback credit card and on top of coupons used. The company claims that it has partnered with brands such as Jet Airways, Yatra, Expedia, Flipkart, among others to offer cashback and has over 75,000 registered users on their site. Cashkaro claims that it is also going to provide offers on restaurants in Delhi and Mumbai.
While the consumers in India become tech savvy and adopt e-commerce, there have been numerous startups in the space to help users save money on their purchase. The first wave of startups in the space include price comparison engines such as CompareIndia, MySmartPrice, Buyt.in, CompareRaja, PriceDekho, ShopMania, PriceCheck, Prodsea, BearShop, ShoppingWish.in, FindYogi and Pricebaba. The second wave of startups were the coupons site such as CouponDunia.in, CouponRaja.com, and RetailMeNot.com. The third wave of startups, we believe, are the loyalty programs and cashback offers.
Cashkaro.com competes with Pennyful.in which also offers cashback on each purchase through its website.