CashKaro Success Story: Strategies, Features & Business Model

The online shopping industry is growing, and customers are always looking for ways to save more 💸. Every brand is offering discounts and coupons to get customer attention. There is one platform that brings all the coupons and cashback together in one place – CashKaro.

CashKaro is backed by Ratan Tata and Kalaari Capitals. To date, CashKaro has acquired over 20 Million users, out of which 5 million have already earned cashback. CashKaro has given over Rs 700 crore in cashback till date. Last month alone, 6M+ visitors visited CashKaro. Backed by Ratan Tata and Kalaari capitals, CashKaro has built its reputation in the Indian market over the last decade.

Its popularity is undeniable. In this article, we will discuss CashKaro’s business model, revenue, marketing strategies, and more. We’ll also cover how you can build a website like CashKaro.

So, let’s start with the basics!

👉 CashKaro –  Company Profile #

Founder and Establishment Date #

Founded in April 2013 by a married couple named Rohan Bhargava and Swati Bhargava, it is a leading cashback and coupon site in India. They started CashKaro in the UK and then entered the Indian market to change how Indians shop Online. Since its launch, CashKaro has grown rapidly, partnering with over 1,500 retailers and serving 20+ million users. It has become one of the well-known cashback and coupon apps in India. 

Funding Details #

Initially, the couple didn’t get much attention from the investors as the Indian market was still growing in 2013. But they kept working on offering better cashback and experience on their app. After meeting with several investors, they raised their first round of 5 Crore Rupees in 2013 and grew their revenue to 25 Crore in just six months.

This growth helped them get attention from Investors. Currently, CashKaro is at the Series C stage of funding with a total raised amount of $32.5 million. The latest funding round was led by Affle in September 2022, where the company raised $15.1 million.

CashKaro has also raised investments from well-known investors like Ratan Tata and Kalaari Capitals. This funding helped the company enhance its technology, marketing efforts, and partnerships to establish itself as a leading cashback site in India. These investments also played a crucial role in its revenue growth.

Current Revenue #

CashKaro has shown impressive revenue growth, scaling from Rs 100 crore in 2021 to Rs 248.6 crore in 2023. In addition, CashKaro also has a gross merchandise value (GMV) of about Rs 4,000 crore reported. These impressive statistics show the growth of the platform both in terms of popularity and volume of transactions through its platform.

Refer to the image below for more details on CashKaro’s revenue:

As you can see in the image above, CashKaro also managed to reduce its loss by 25% to Rs 11.1 crore in FY 2023. This reduction in loss shows that a business is getting stronger and is sustainable in the long term.

Now, the question must arise: how did they do it? What is CashKaro’s? Business Model? Let’s discuss that.

👉 CashKaro’s Business Model: How CashKaro Works? #

CashKaro works in a pretty Simple way!

Imagine you want to buy something from Amazon. Now, instead of going directly to Amazon, you go to CashKaro. You find Amazon and make a purchase using your account.

Now, here is the important part: earning a cashback. You get additional cashback over and above all the discounts you get from Amazon. This cashback is transferable to your bank account.

But the question is, how can CashKaro afford to give you this discount?

What happens is CashKaro gets a commission from Amazon for bringing customers to their site. CashKaro gives a part of this commission as a discount to the users. 

So, this way, everyone gets benefits Amazon, CashKaro, and the user. Amazon gets a new buyer, users get additional cashback once the return period is over, and CashKaro earns a commission.

It makes shopping more rewarding. But this isn’t the only way CashKaro generates its revenue. Let’s explore CashKaro’s different revenue streams.

👉 CashKaro Revenue Model #

CashKaro Revenue Streams

1. CashKaro Store Network and EarnKaro

Approximately 30% of the company’s revenue comes from its CashKaro Store Network and its affiliate platform, EarnKaro. Businesses can create their own coupon and cashback websites with the CashKaro store network. EarnKaro provides affiliates and influences an opportunity to earn by sharing their affiliate links with their audience. Both these platforms help CashKaro diversify its revenue streams and expand its user base outside CashKaro.

2. Commission-based Earnings

This is the revenue model that we discussed above using the Amazon Example. CashKaro has over 1,500 online retailers that help them earn commission on every transaction. The commission varies depending on the retailer and product category. CashKaro pays a portion of the commission to users in the form of a discount and keeps the rest to themselves. Since the bulk of CashKaro’s revenue comes from commissions, it helps them provide a steady stream of income.

3. Strategic Advertisements for Revenue

According to Semrush, CashKaro had 6.1 Million visits in January 2024. CashKaro leverages this opportunity to generate additional revenue through advertisements and promotional campaigns. CashKaro’s partner retailers can use these targeted ads to increase their sales. These ads are placed in such a way that they don’t compromise user experience while ensuring maximum visibility. 

👉 User Interaction and Engagement #

CashKaro’s business operates on user engagement and interaction. If the user doesn’t engage or interact with the offers, there won’t be any revenue. That is why CashKaro has been designed in such a way that it motivates users to visit the app or website regularly for the latest deals, coupons, and cashback offers. Personalized recommendations, engaging notifications, and a user-friendly interface help CashKaro engage users regularly.

Apart from that, CashKaro has built a very strong social media strategy to generate traffic on their site. About 40% of traffic comes from Facebook today. Also, their partnerships with eCommerce companies like Flipkart, Amazon, and Myntra play a crucial role in user engagement. Since most Indian customers buy from these platforms, more people are likely to visit CashKaro before making a purchase to earn some extra cashback.

Now, let’s talk about some interesting social media campaigns that helped CashKaro become a coupon and cashback giant in the Indian market.

👉 What Drove CashKaro’s Growth? #

What made CashKaro different from its competitors? #

1. Exclusive cashback rates 💰 #

When CashKaro entered the Indian market, there weren’t many cashback and coupon apps available. CashKaro leveraged this opportunity and started reaching out to brands to offer exclusive cashback rates. 

They onboarded big brands like Flipkart, Myntra, Amazon, and more to attract new users. In 2013 people were just introduced to online shopping and there were very less brands people trusted. So, CashKaro used those brand names and cashback rates to promote their platform.

People seemed to be easily attracted by this since they were saving money and there weren’t many platforms that offered similar benefits.

2. Categories across different niches #

CashKaro didn’t limit its platform to online shopping. They have platforms with cashback offers on grocery, banking, Hotel and flight bookings, education, hosting services and so much more.

This attracted a big chunk of users because it is so much more convenient to get the best deals in one place, rather than going to multiple platforms and finding the best deal. 

3. YouTube Ads, microinfluencers, Organic SEO #

CashKaro decided to go big on influencers, ads, and organic SEO. Since their beginning, they ran YouTube ads to acquire users. Their SEO team has done a pretty good job as well. 

If you visit CashKaro’s blog page, they have created a ton of informative content that lets you compare the best products in the markets and compare prices as well. In blogs, they have pitched CashKaro and promoted an opportunity to earn extra cashback.

And since the number of internet users started growing in India, they leveraged micro-influencers to promote their platform. More people were spending time on social media and influencers played an important role in growing CashKaro’s user base.

Here are examples of some creative marketing campaigns.

👉 Examples of CashKaro’s creative marketing campaigns #

1. Boosting Connections: CashKaro’s Facebook Follower Surge

CashKaro started growing its Facebook fan base. They stood at 17,000 followers, and they were looking to grow them. CashKaro’s designed a Facebook campaign to grow its community by increasing page followers.

The aim of this campaign was to make potential customers aware of the cashback and savings they can get through CashKaro. They started by promoting free membership signups and boosting user engagement. For CashKaro, Facebook has become a key channel for managing customer relationships. 

Their Facebook campaigns showcased deals and offers; it served as a platform for launching new products. Back then, not many people had trust in online platforms. So, CashKaro started sharing informational content about their policies, payment timelines, and processes. This helped them build trust in the minds of the customers.

Additionally, they focused on understanding customer shopping preferences to tailor their content and offerings. It made the campaign more effective, resulting in 2.9 lakh fans on Facebook from just 17,000 Fans. The Facebook campaign became a huge success, and today, about 40% of CashKaro’s traffic comes from Facebook.

2. Influencing Savings: CashKaro’s Twitter Blitz with Influencers

Influencers were on the rise, and CashKaro didn’t miss that bus. They leveraged influencers to increase visibility and engagement through Twitter. CashKaro started handing out branded mugs to famous Twitter personalities in India as an appreciation for their influence.

Every famous Twitterati started posting about offers and deals regularly, using relevant hashtags to reach a wider audience. They even started inviting people to participate and engage in contests and campaigns. They made sure that they were maintaining daily conversations with their target audience. 

This helped them grow their follower base and grow their presence on Twitter.

3. Royal Tales of Savings: CashKaro’s Raja Rani Comic Campaign

CashKaro designed a creative campaign featuring a comic strip series of 15 episodes. Its main character- Raja and Rani. These characters shared their shopping experience while Rani showcased the benefits of shopping through CashKaro. 

This campaign was designed to entertain the audience while subtly promoting the benefits of using CashKaro to shop online and earn cashback. These became a memorable campaign on social media and fueled the growth of CashKaro.

4. Taking on Rivals

Remember when Cred came into the market and started promoting reward coins for making credit card bill payments? This is exactly the time when CashKaro decided to crush its competition. Cred used celebrities to promote their app.

CashKaro launched a campaign, “The Magic of #CashOverCoins”. It showed that you don’t need celebrities to earn real cashback. Cashback emphasized of #CashOverCoins. Coins aren’t real money and cannot be transferred to a bank account. 

CashKaro promoted their app with a clear message that they provide real cashback that can be transferred to bank accounts. CashKaro strongly stated that you can even stand out without using famous faces if your product delivers enough value. This helped them retain customers. 

Every product has this common pain point of retaining customers, so what features made CashKaro retain customers regularly?

👉 CashKaro Unique Features Showcase #

➞ Cashback on Every Purchase

CashKaro’s guaranteed cashback is the key feature of their platform. When you shop through CashKaro, they guarantee specific cashback to your account. Plus, this cashback is in addition to any discounts or special offers that you are getting from retailers. The cashback percentage varies based on the retailer and the product category, but guaranteed savings help them retain customers for the long term.

➞ Wide Range of Partners

CashKaro has a diverse range of partners, from fashion to electronics, groceries to travel. This variety of options ensures that you earn cashback on almost every type of online purchase. It makes CashKaro a one-stop solution for online shopping.

➞ Exclusive Deals and Offers

CashKaro frequently negotiates exclusive deals and offers with its retail partners. These deals often offer better discounts than what users are already getting on retailer sites. These deals are limited-time promotions with special discount codes and higher cashback, making it the best deal a user can find anywhere else.

➞ Easy-to-Use Platform

CashKaro has designed the user experience to be straightforward and hassle-free. The search functions allow you to find the best cashback offers and deals. Additionally, the platform updates regularly to ensure smooth navigation and a seamless user experience.

➞ Transparent Process

Transparency is key to CashKaro’s success. Users can track cashback earnings in detail, including their cashback status and the expected date to receive it. This transparent communication builds trust and ensures users are informed about their savings.

➞ Referral Program

CashKaro’s referral program is a great way to grow your earnings. You can invite your friends to CashKaro using your referral link or code, and you can earn a 10% lifetime commission from the cashback that they earn. This benefits both CashKaro and the user. CashKaro gets new users, and users earn more commissions. 

➞ Transparent documentation and Clear value proposition 📄

CashKaro’s team spent their time to create documentation and show savings information. Refer to the image below to check one of their offer explanation:

As you can see, CashKaro has clearly mentioned how the user will get cashback, which code will give how much discount. They have also mentioned the clear cashback savings for both new and existing users. 

Moreover, they have also mentioned when the user can expect the cashback to be confirmed. This creates a sense of clear communication which builds brand loyalty and keeps the user coming back to their platform.

👉 CashKaro’s Partnership Strategies #

CashKaro’s partnership strategies play a crucial role in its success as a leading cashback and coupon platform in India.

➞ E-commerce Partnerships

CashKaro has partnered with over 1500 online stores, including Amazon and Flipkart. This lets CashKaro offer many cashback and discounts on clothes, electronics, and groceries. They also work with these stores to get special deals for their users. This deal helps users get extra savings and encourages them to use CashKaro for shopping.

➞ Strategic Alliances

CashKaro partners with financial institutions and payment gateways, especially during festive seasons, to offer additional rewards on transactions. These partnerships strengthen CashKaro’s position in the market while offering customers extra benefits to retain them.

➞ Influencer and Blogger Partnerships

CashKaro collaborates with influencers and bloggers to promote their platform. Influencers earn commissions through Earnkaro, and CashKaro gets users without spending much on marketing. It drives traffic to their platform, increasing user engagement and signups.

➞ Affiliate Networks

Collaborating with affiliate networks allows CashKaro to access a broader range of retailers and offers. It helps them diversify their offering, allowing them to cater to a wider audience with different interests and preferences. By partnering with these networks, CashKaro provides its users with more options to earn cashback and discounts.

These strategic partnerships, combined with unique features, have made CashKaro a leading coupon and cashback site in India with some impressive success metrics.

➞ Student Representative Program

CashKaro started a student representative program to target college students. College students were more likely to register on the platform, as these little savings meant a lot to them. Cashkaro came up with this program where students get internship opportunities with incentives, gift cards, and pre-placement offers.  

This helped students make some extra income for onboarding their friends, and the incentives were promoted in slabs, so if students onboard more users, they get more incentives each user. Check the image below for details.

👉 CashKaro’s Success Metrics #

• Number of users who saved money: 5 million till January 2024
• Special coupon codes available: For 1500+ retailers as of January 2024
• Lifetime users count: 23 million as of January 2024
• Amount paid to users: Over Rs 700 crore in 2023
• CashKaro Store network: 25,000 Kirana Stores

👉 CashKaro Legitimacy: Is CashKaro Legit or Scam? #

Yes, CashKaro is a legit coupon and cashback platform. It has been in the business for more than ten years now. CashKaro pioneered as a coupon and cashback platform in India, and since then it has shown impressive growth in its user base. Backed by Ratan Tata and Kalaari Capital, CashKaro has provided its users with over Rs 700 Crore in cashback. 

Such high-profile investments and cashback figures are proof that CashKaro offers real cashback to its users. Also, the company has been growing revenue year over, with a revenue growth of 15% in FY2023 compared to FY22.

CashKaro’s longevity in the market, funding, and revenue growth show its legitimacy as a trusted and leading cashback and coupon site in India.

👉 Replicating CashKaro.com’s Blueprint #

Use CashKaro Clone Script

You can build a platform similar to CashKaro using CashKaro Clone Script. It is fully customizable, allowing you to tailor the platform to meet your specific business requirements. Whether you want to modify the design, add new features, or integrate additional affiliate networks, our clone script provides the flexibility you need to create a unique and engaging cashback platform.

Affiliate Partnerships:

You can partner with affiliate networks from around the world. Here is the list of networks in different regions

• Leading global affiliate networks
• Leading affiliate networks in India
• Leading affiliate networks in Europe

Planning to build a clone app like CashKaro?

Our team of experts at EnactSoft can help you develop it. We have 10+ years of experience working on the coupon and cashback industry, and we can deliver top-notch mobile and web apps for coupons and cashback. Check out the products we have delivered here. We can deliver your product in 7-10 days!

Contact our team today or schedule a quick demo here!

👉 Lessons from CashKaro’s Journey 📚 #

For entrepreneurs and businesses in the eCommerce and affiliate industry, CashKaro’s journey can be a huge learning opportunity to build a sustainable business. Here, we’ve listed the key learning that you can use to grow your business:

🔹 Prioritize user experience and value to build loyalty and trust.

CashKaro focused on providing real value to its users through cashback and coupons. By prioritizing user satisfaction and offering huge discounts, CashKaro made sure that their users trust them and keep using their platform on a regular basis 

🔹 Diversify Revenue Streams

Never rely on a single revenue stream. CashKaro’s revenue model is proof that in today’s highly competitive landscape, it is important to have multiple revenue streams to build a sustainable business and enhance financial stability.

🔹 Forge strategic partnerships to expand offerings and drive growth

Partner with companies that not only pay you high commissions but can also build trust in customers’ minds. CashKaro’s partnership with Flipkart and Amazon made sure that customers trust them. They have also partnered with 1500 other partners to offer a wide range of deals and discounts. These collaborations have also contributed significantly to the platform’s revenue.

🔹 Embrace innovation and be adaptable to stay ahead in a dynamic market

CashKaro has continually evolved its platform by incorporating new features, improving user experience, and expanding its offerings. The platform’s ability to adapt to market trends and user needs has kept it relevant and competitive.

👉 Conclusion #

CashKaro’s journey from a small startup to India’s top cashback and coupon platform shows how smart ideas, strong partnerships, and a focus on users can lead to success. By always putting users first, exploring different ways to make money, and staying open to new ideas, CashKaro has become a trusted name in the industry. 

For anyone wanting to follow in CashKaro’s footsteps, it’s important to learn from their story and keep up with changes in the online shopping world. With the right approach and a real commitment to helping users save, creating a successful cashback site like CashKaro is definitely possible.

Our team at EnactSoft can guide you in the right direction. We have experience building such apps, and we can make sure that your app delivers results. With our expertise in the field, we can help you create a user-friendly and profitable cashback platform. 

Let us help you turn your vision into reality and build a cashback app that stands out in the market. Contact us today to get started on your journey to success!