CashKaro, a platform offering coupons and cashback, has reported a significant increase in its operating revenue, surpassing Rs 300 crore for the financial year 2023-24, according to cofounder Swati Bhargava. Although the Ratan Tata-backed startup has yet to officially file its financial statements for FY24 with the Ministry of Corporate Affairs, unaudited figures indicate that it achieved an operating revenue of Rs 302 crore for the year ending March 31, 2024, Bhargava told Inc42.
This marks a 21.5% increase compared to the Rs 248 crore recorded in FY23. CashKaro, founded in 2013 by Swati Bhargava and Rohan Bhargava, provides coupons, price comparisons, and discounts, and allows users to earn cashback and rewards when shopping online across more than 1,500 e-commerce platforms, including Nykaa, Amazon, Flipkart, Tata 1mg, and Myntra. The startup generates most of its revenue from commissions earned by featuring brand partners' products and services on its site.
Swati Bhargava also mentioned that the finance sector now contributes around 20% of CashKaro's revenue. In this vertical, the startup offers credit card recommendations based on users' shopping habits, allowing them to apply directly through CashKaro and earn extra cashback on successful applications. To support expansion, the startup launched a dedicated platform, BankKaro, in 2023. CashKaro also operates EarnKaro, an affiliate marketing service introduced in 2018, and the D2C marketplace BuyKaro, which was launched towards the end of 2023.
CashKaro currently has a user base of approximately 25 million and aims to add another 3-4 million users in FY25, with a revenue target of over Rs 400 crore, according to the co-founder.
