SUMMARY
- CashKaro cofounder Swati Bhargava, announced that the coupon and cashback platform’s operating income has surged by over 20% to surpass the Rs 300 crore mark for FY24.
- The platform reported an operating income of Rs 302 crore for FY24, representing a growth of 21.5% from its operating income of Rs 248 crore in FY23.
- CashKaro is projected to have a net loss of under Rs 20 crore for FY24, representing a 25% decrease from the net loss of Rs 11.1 crore in FY23.
CashKaro cofounder Swati Bhargava, announced that the coupon and cashback platform’s operating income has surged by over 20% to surpass the Rs 300 crore mark for FY24.
Though the company has not yet submitted its financial reports for the fiscal year 2023-24 to the Ministry of Corporate Affairs, on the basis of its unaudited financial statements, CashKaro reported an operating income of Rs 302 crore for FY24. This represents a growth of approximately 21.5% from its operating income of Rs 248 crore in FY23.
Established in 2013 by Swati Bhargava and Rohan Bhargava, CashKaro provides users with coupons, price comparisons, discounts, and cashback rewards for online shopping across more than 1,500 e-commerce platforms, including Nykaa, Amazon, Flipkart, Tata 1mg, and Myntra.
The Ratan Tata-backed company primarily generates income through commissions from its brand partners for featuring their products or services on its platform.
Swati Bhargava mentioned that the finance division now contributes around 20% of CashKaro’s total revenue. Within this division, the company offers personalized credit card recommendations to users based on their shopping habits. Users can directly apply for credit cards from banks through the CashKaro platform and receive additional cashback rewards.
The cofounder also stated that CashKaro is focusing on expanding its financial services offerings and plans to introduce products such as insurance, loans, and mutual funds in the future. Last year, the company launched a specialized platform, BankKaro, to enhance its financial services capabilities.
EarnKaro, CashKaro’s affiliate marketing division, was launched in 2018, and BuyKaro, an online D2C marketplace, was introduced at the end of 2023.
Presently, CashKaro has around 25 million users. The company aims to add another 3-4 million users in FY25 and increase its revenue to more than Rs 400 crore, according to Swati Bhargava.
In terms of financial performance, CashKaro is projected to have a net loss of under Rs 20 crore for FY24. This represents a 25% decrease from the net loss of Rs 11.1 crore in FY23, which was a 25% reduction from the net loss of Rs 14.8 crore in FY22.
In November 2022, CashKaro secured a funding of Rs 130 crore (approximately $16 million) in its Series C round, with Affle Global as the lead investor. The company has also received investments from Kalaari Capital and Korean Investment Partners among others.
