Cashback and coupons platform, CashKaro, on Thursday announced raising ₹130 crore in a Series C round which was led by Affle Global. The company is backed by Kalaari Capital, Ratan Tata, Korea Investment Partners, and others.

“This investment would strategically strengthen our business-to-consumer (B2C) engagement model as we scale CashKaro from our current 20 million user base to more than 100 million in the next few years. The 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, co-founder CashKaro and EarnKaro.

According to the company, it made ₹225 crore in revenue in FY22 and plans to keep losses below ₹10 crore. Swati Bhargava, co-founder of CashKaro and EarnKaro, said that they will invest the funds to scale up user acquisition, marketing, expansion into new business verticals, product development, and hiring new talent.

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“We support the team, and their strategic execution focus on profitable growth and commitment towards good corporate governance. We are optimistic about their product-market fit for India and look forward to the continued growth trajectory of CashKaro,” said Anuj Khanna Sohum, founder and chairman of AGPL. 

CashKaro operates various apps such as CashKaro, EarnKaro, CashKaro stores (for assisted e-commerce), and BankKaro. The apps offer coupons, price comparisons, and deals to consumers and enable its 20 million members to earn cashback and rewards for online shopping at more than 1,500 e-commerce sites, said the company.