Cashkaro, cash discount site, is planning to expand its operations to Russia, Singapore, Malaysia and the Gulf countries.
Floated by the entrepreneur couple Swati Bhargava and Rohan, the company offers cash discounts to people who buy things from e-commerce firms through its website. It has a bouquet of 500 e-commerce sites in India such as Amazon, Jabong, Flipkart and Paytm.
Cashkaro, which raised $750,000 last year from some angel funds from the UK, will go for a second round of funding this year. It hopes to raise a similar amount by the end of the calendar year.
“We are looking at the markets in Russia, Singapore, Malayasia, Indonesia and the Gulf countries to launch cash discount services. But the e-commerce sites we tie up with in those countries will be completely different. We keep in mind the local requirements,” Swati Bhargava, Chief Executive Officer and Co-Founder of Cashkaro.com, told
The couple started with a similar venture (pouringpounds.com) in the UK. “The concept of cash discounts is quite popular in the Western markets. The idea has just begun to take off as more and more people are buying things online,” she said. Swati was here recently to address a women’s conference at Microsoft.
Explaining the concept, she said the company shares the margins it gets from the e-commerce sites with the registered users. “This means that you will get additional discounts over and above the offers you get on the target e-commerce site,” she said. The company, which registers an average 1,000 transactions a day, has given out ₹1.5 crore in discounts to customers.
New search optionSo far, Cashkaro has been facilitating buyers to access different e-commerce sites.
It is working on a solution that lets buyers make a quick search for a product. “They can compare the prices from a range of sites. Also, they will have a variety of products at one go,” Swati said. With 32 people working for it, the company hopes to achieve break even by the end of next year.