CashKaro Reports Impressive Growth in FY25

CashKaro, the cashback and affiliate commerce platform based in Gurugram, concluded FY25 with revenues of Rs 350 crore, marking a 20.7% increase from Rs 290 crore in FY24. The platform, alongside its sister app EarnKaro, generated over Rs 6,000 crore in gross merchandise value (GMV) for more than 1,500 partner brands, facilitating over 36 million transactions throughout the year.

Company Background and Business Model

Established in 2013 by Swati and Rohan Bhargava, CashKaro has positioned itself as an economical channel for brand acquisition, especially at a time when customer acquisition costs (CAC) on platforms like Meta and Google are escalating. Swati Bhargava shared insights with Startup Superb, indicating that CAC on their platform remains significantly lower compared to competitors, complemented by a consumer retention rate surpassing 90%.

Financial Overview

The business recorded an EBITDA loss of Rs 21 crore in FY25, rising from Rs 15 crore in FY24. Swati noted that the company has been augmenting its technology team, as well as the teams for EarnKaro and BankKaro, in pursuit of growth. Notably, the banking category is emerging as a robust revenue stream, while travel holds promise as a future business category.

Growth Contributions from EarnKaro

EarnKaro has emerged as a significant growth driver, accounting for 2.3 billion of the total 2.5 billion leads generated in FY25. The use of Telegram has been pivotal, contributing to 85% of the platform’s affiliate commerce traffic. This community-driven app boasts over 4 million users, ranging from students and homemakers to influencers, with top earners reaching up to Rs 40 lakh each month.

Payouts and Transaction Model

CashKaro claims to have disbursed more than Rs 1,000 crore in direct bank transfers to users since its inception, adhering to a policy of “real cash” rewards instead of coins or vouchers. Key verticals include fashion, beauty, D2C brands, and financial products such as credit cards, with loans expected to join the offering soon.

Investment and Future Goals

Supported by investors such as Kalaari Capital, Affle Global, Korean Investment Partners, and the late Ratan Tata, CashKaro and EarnKaro have successfully raised Rs 250 crore to date. The company aims to exceed a GMV of $1 billion in FY26.