Cashback and Coupon website, Cashkaro had raised USD 750,000 in seed funding from UK based group of angel investors, to help it grow faster in India, said Swati Bhargava, CEO and co-founder of Cashkaro.
The angel investors based in London and belong to companies like Paypal, Investec, Gumtree.com, etc. Cashkaro had met these investors at E100 event, which is angel investing arm of London Business school, when they had pitched there for funding.
In India, Cashkaro has tied up with 300+ brands including Myntra, Snapdeal, Yatra, Makemytrip being few.
It provides users with upto 50% Cashback when they shop at these sites when they go through Cashkaro to shop, and the commission depends upon retailer to retailer e.g. 7.5% Cashback on Snapdeal, Rs 180 Cashback on Myntra etc. After keeping a small portion of commission, the rest is passed on to the customers as cashback.
As a USP, Cashkaro also offers free coupons, thus providing users both cashback and free coupons.
It is likely to introduce restaurant offers soon.
“Cashback sites are very popular in the US, UK and Europe and we are confident will do really well in India too. The online shopping market is growing and am sure people in India will love getting money back on their shopping,” said Swati.
The company claims that they are great traction and have already got over 40,000 registered users and 115,000 Facebooks fans in just 2 months of marketing.
After Flipit, Cashkaro is yet another couponing site which had entered in the Indian market, it will be competing with other couponing sites like Couponation, Couponhut, mycouponcodesindia, among others.
Founder Swati Bhargava, has previously worked with Goldman Sachs.