Last November, CashKaro raised around US$3.8 million in Series A funding led by Kalaari Capital
Indian cashback and coupons site CashKaro.com has raised an undisclosed amount in funding from business tycoon Ratan Tata, who recently turned serial investor.
This funding comes a couple of months after the firm raised US$3.8 million in Series A funding, led by Kalaari Capital to expand to new markets, pursue an aggressive customer acquisition strategy, and to launch a mobile app.
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Founded by entrepreneur couple Swati and Rohan Bhargava in mid-2013, CashKaro works on an affiliate model. It works with over 1,000 online retailers, including Amazon, Paytm, Jabong and ShopClues.
Users can get up to 30 per cent extra cashback when they visit their favourite sites through CashKaro and shop. CashKaro receives a commission from retailers from which it pays cashback in the form of cash. It claims to have credited around around US$4.5 million as cashback to its members till date.
It has over a million registered users and over 5 million monthly page views, the company claimed in a press statement.
“His (Ratan Tata’s) expertise and insight will be immensely helpful as CashKaro.com expands to newer markets and pursues an aggressive customer acquisition strategy,” the co-founders said in a joint statement.
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The startup had earlier raised US$750,000 in 2013 in funding from a group of angel investors.
Tata has invested in over 20 companies in India, mostly consumer Internet. His investments include Snapdeal, Ola, BlueStone, Crayon Data, Tracxn, UrbanClap, DogSpot, and Holachef. Tata is also an investor in Chinese smartphone giant Xiaomi.
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