CashKaro Revenue Growth in FY26

CashKaro, the affiliate commerce and cashback platform based in Gurugram, achieved a remarkable Rs 600 crore in revenue for FY26. This figure represents a 72% increase year-on-year from Rs 348 crore in FY25, as stated in the company’s press release. The platform, along with its companion app EarnKaro, generated over Rs 10,000 crore in gross merchandise value (GMV) for partner brands during the fiscal year, an increase from Rs 6,000 crore in FY25.

The company reported an EBITDA loss of Rs 17.7 crore in FY26, down from Rs 29.2 crore in FY25, indicating improved unit economics. This reduction in losses is achieved despite ongoing investments in technology, automation, and the expansion of the EarnKaro ecosystem.

Company Overview and Market Position

Founded in 2013 by Swati and Rohan Bhargava, CashKaro positions itself as a budget-friendly acquisition channel for brands during a time when customer acquisition costs (CAC) on platforms like Google and Meta are on the rise. Swati Bhargava mentioned to Startup Superb that brands are increasingly reallocating budgets towards affiliate-led models that only incur costs for actual sales, rather than just traffic.

Efficient Growth Strategies

According to the company, growth is attributed to enhanced efficiency. The revenue surged by 72% while marketing expenditures for both CashKaro and EarnKaro increased by only 7.6%, suggesting improved conversion rates and more effective customer acquisition. Employee and infrastructure expenses have remained stable, bolstered by AI-driven automation.

Expansion of EarnKaro

EarnKaro has been a pivotal driver of growth for the group, gaining significant traction across platforms such as Telegram, WhatsApp, Instagram, and YouTube. The company has confirmed that it has disbursed over Rs 2,000 crore in cashback to users, directly transferred to their bank accounts. Categories such as fashion, beauty, and D2C brands have been the largest contributors, while financial services and other high-value segments are beginning to show promising growth.

Investment and Future Prospects

CashKaro is backed by a range of investors including Kalaari Capital, Affle Global, Korean Investment Partners, and Ratan Tata, having raised more than Rs 250 crore to date.