The company had earlier raised $750K in 2013 in angel funding from London-based investors from companies like Paypal, Investec, Goldman Sachs etc.
Cashkaro will utilise the funds raised to expand globally and to upgrade technology. “We will use the money for international expansion in markets such as Indonesia, Singapore and other nations in southeast Asia,” said Swati Bhargava, CEO at CashKaro.
Swati had worked at Goldman Sachs London for five years before starting UK Cashback business Pouring Pounds with her husband Rohan. After UK’s success they expanded to India as Cashkaro.com in August 2013.
CashKaro, works on an affiliate model and offers users cashback & coupons across 1000+ partner websites including Amazon.in, Snapdeal, Paytm, Shopclues etc. Besides, its members can also compare prices & discover products on its portal.
The startup receives a commission from the 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. The company claims to have credited over INR 20 Cr. as cashback to users on its site in the last two years.