Exclusive: Ratan Tata-Backed CashKaro’s Revenue Crosses INR 300 Cr Mark In FY24

Coupons and cashback platform CashKaro’s operating revenue jumped over 20% to cross the INR 300 Cr mark in the financial year 2023-24, its cofounder Swati Bhargava said.

The Ratan Tata-backed startup is yet to file its financial statements for FY24 with the Ministry of Corporate Affairs. However, as per its unaudited statements, it clocked an operating revenue of INR 302 Cr in the year ended March 31, 2024, Bhargava told Inc42.

This would translate to an increase of about 21.5% compared to its operating revenue of INR 248 Cr in FY23. 

Founded by Swati Bhargava and Rohan Bhargava in 2013, CashKaro offers coupons, price comparisons, and discounts and allows users to earn cashbacks and rewards for shopping online across over 1,500 ecommerce platforms, including Nykaa, Amazon, Flipkart, Tata 1mg and Myntra.

The startup primarily earns revenue from the commission that it receives from its brand partners for displaying their products or services on the site.

However, Swati Bhargava said that the finance vertical now accounts for about 20% of CashKaro’s revenue. Under this vertical, the startup provides users suggestions about credit cards based on their shopping behaviour. Users can reach a bank’s website directly from CashKaro platform to apply for the cards, and earn extra cashback when they get the cards. 

The cofounder said that CashKaro is now looking to double down on its financial offerings and also plans to add products like insurance, loans and mutual funds, among others. Last year, the startup launched a dedicated platform, BankKaro, for financial offerings to facilitate its expansion plans.

CashKaro also operates an affiliate marketing arm EarnKaro, which was launched in 2018. It also launched online D2C marketplace BuyKaro towards the end of 2023. 

CashKaro’s user base stands at around 25 Mn currently. The startup aims to add another 3-4 Mn users in FY25, while increasing its revenue beyond INR 400 Cr, the cofounder said.

Meanwhile, CashKaro’s net loss is expected to be under INR 20 Cr in FY24. In FY23, its net loss narrowed 25% to INR 11.1 Cr from INR 14.8 Cr in FY22. 

CashKaro last raised INR 130 Cr (about $16 Mn) in November 2022 in its Series C round, led by Affle Global. It also counts Kalaari Capital and Korean Investment Partners among its backers.

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