Coupons and cashback deal website Cashkaro has raised an undisclosed amount in funding from Ratan Tata in his personal capacity. This funding comes 2 months after Cashkaro raised ~ $3.78 million (Rs 25 crore) in a Series A funding from Kalaari Capital.
Launched in April 2013 by Swati Bhargava and Rohan Bhargava, Cashkaro had also 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.
The company claims to have credited cashback worth Rs 20 crore since its inception, and driven over Rs 500 crore in GMV. It currently 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.
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 last year, 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.
Ratan Tata investments: Tata has invested in over a dozen startups over the last year or so in his personal capacity, although the amount has never been disclosed. These include startups from varying fields including UrbanClap, Holachef, predictive analytics firm Infinite Analytics, YourStory, Lybrate, Ola, women’s fashion portal Kaaryah and Paytm. He had also joined the venture capital firm Kalaari Capital in an advisory role in February this year. Full list of his investments.