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    CashKaro raises $10 million in Series B funding led by Korea Investment Partners

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    CashKaro raises $10 million in Series B funding led by Korea Investment Partners

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    Cashback and coupons startup CashKaro has secured $10 million in a Series B funding round led by Korea Investment Partners and existing investor Kalaari Capital.

    Cashback and coupons startup CashKaro has secured $10 million in a Series B funding round led by Korea Investment Partners and existing investor Kalaari Capital.
    The company had previously raised Series-A and angel round of funding from Kalaari Capital, Ratan Tata and London-based angel investors.
    Korea Investment Partners, which led the funding round, is a leading venture capital firm with over 30 years of investment experience and over $3 billion worth of assets under its management globally.
    “CashKaro has seen incredible growth over the last 2 years, while consistently reducing losses. We felt that it was the right time to raise money and use it to tactically scale up marketing, open up new brand building avenues, user-acquisition, product development and hiring new talent. Our new Social Cashback app EarnKaro was launched about a year ago and seeing its fast growth, we are all very excited to deploy more funds towards its expansion.” Said Rohan Bhargava, Co-Founder, CashKaro.com.
    Formed in 2019 with its social cashback app – EarnKaro - it already has over 1 million registered resellers within a short span of time.
    The app claims to be an easy way for students, housewives and resellers to earn money. A lot of influencers are also using EarnKaro to monetise their product recommendations and networks. Users can simply turn e-commerce links into EarnKaro links and then share them on their WhatsApp, Telegram, YouTube and other social channels. When someone shops via this link, users earn profit in the form of real cash.
    Speaking about the funding round, Swati Bhargava, co-founder CashKaro, said, “We are delighted to welcome Korea Investment Partners as our shareholder. Their experience in guiding businesses like ourselves to scale will be immensely valuable to us. Our business has emerged strong amidst the global turmoil caused by COVID-19 and this fundraise is a testament to the potential that Performance Marketing holds in India.”
    CashKaro is a marketing channel for 1500-plus ecommerce sites including Amazon, Flipkart, Myntra, Ajio. Brands pay CashKaro commission for every transaction, and the venture passes a large portion of this as Cashback to its members. This cashback can be redeemed as cash in bank account or as Amazon/Flipkart Gift vouchers, according to the company.
    Today CashKaro claims that it has more than 10 lakh monthly transactions and its members have earned more than Rs 150 crore as cashback.
    Most large ecommerce markets in the world like the US, the UK, China have a Cashback site that is valued well over a billion dollars. This is the opportunity that CashKaro is trying to capture in India.
    Commenting on the funding round, Hudson Kyung-sik Ho, managing partner at Korea Investment Partners, said, “India is a growing market for us and CashKaro is a great way for us to participate in the Indian ecommerce industry. We believe this is a highly scalable opportunity and both Swati & Rohan have set it on a truly exciting growth trajectory. CashKaro & EarnKaro together have shown exceptional unit metrics and we are really excited to be a part of India’s Affiliate story.”
    “We have seen CashKaro from its early days and are fortunate to be a part of their journey. They have grown more than 5x in the last 12 months, have been ROI focused and are a clear market leader today. Their latest product innovation EarnKaro has shown impressive capital efficient growth in just a few months and is already treading close to other social commerce startups in the country in terms of GMV. We foresee some truly exciting times for CashKaro in the coming years,” said Rajesh Raju, managing director of Kalaari Capital, who also participated in the Series-B round of funding.
    CashKaro and EarnKaro brands are operated by Pouring Pounds India, which is a subsidiary of UK-based Pouring Pounds.
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