India-based cashback-focused ecommerce platform CashKaro, announced it has raised approximately US$10million in a Series B funding.
The round of financing was led by Korea Investment Partners and Kalaari Capital (an already existing backer).
The startup had previously raised 3.8 million USD through its ‘Series A’ round of funding with investments from Kalaari Capital, Mr. Ratan Tata, and angel investors based out of London.
Rohan Bhargava, Co-founder of CashKaro, stated in the release that the startup will be the fresh funds towards developing its products, acquiring users and hiring new talents.
“CashKaro has seen incredible growth over the last two 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,” Bhargava said in the statement.
“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,” he added.
“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,” Managing Director of Kalaari Capital, Rajesh Raju noted in the statement.
“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,” Raju added.