Nitin Konde
19 January, 2016, India: CashKaro.com has raised an undisclosed amount from Ratan Tata, the Chairman Emeritus of Tata Sons. Tata has made the investment in his personal capacity. The funding comes just two months after the Gurgaon based startup raised Rs 25 crores in its Series A funding led by Kalaari Capital. CashKaro works on an affiliate model and was founded by entrepreneur couple Swati and Rohan Bhargava in mid-2013. Earlier, CashKaro had raised USD 750,000 funding from a group of investors based in London in 2013.
CashKaro.com works with over 1000+ online retailers including the most popular sites in India such as Amazon.in, Paytm, Jabong, ShopClues, etc. Users can get upto 30 per cent extra Cashback when they visit their favorite sites via CashKaro and shop. CashKaro receives a commission from retailers from which it pays cashback. This cashback is in the form of real cash which is paid over and above all other coupons & discounts. Currently the company has over 10 Lakh registered users on the site and over five million page views every month. CashKaro has already credited Rs 30 crores in real cash as Cashback to its members and expects to cross Rs 1000 crores in GMV in the next few months. Ratan Tata is on the Advisory Board of Kalaari Capital and lends his expertise to guide and mentor Kalaari portfolio founders.
Speaking on the investment, Swati and Rohan Bhargava, Co-founders, CashKaro.com said, “The funding from Ratan Tata marks another milestone in CashKaro’s three-year journey. We are privileged to have him come on-board as an investor. An investment by him is an affirmation of the opportunity that CashKaro is addressing and the relentless efforts of the team towards building a large, valuable savings destinations that millions of Indians love. His expertise and insight will be immensely helpful as CashKaro.com expands to newer markets and pursues an aggressive customer acquisition strategy.”