Cashkaro

What Cashkaro does

CashKaro, operated by Pouring Pounds India Private Limited, is an Indian cashback and coupon aggregation platform founded in 2013 by Swati and Rohan Bhargava. The platform enables Indian consumers to earn cashback rewards on purchases made through 1,500+ partner e-commerce brands including Amazon India, Flipkart, Myntra, AJIO, Nykaa, Croma, and Tata CLiQ. Users visit the CashKaro website or mobile app before transacting on partner sites, activate cashback, and receive a portion of the affiliate commission as rewards, with tracking typically completing within 48 hours and confirmation within 30-80 days depending on category.

The company's product portfolio centers on three interconnected offerings: the core CashKaro consumer cashback platform, the EarnKaro creator-led affiliate sub-product (which holds 80% market share on Telegram for affiliate marketing), and a Refer & Earn program that pays users 10% of referred friends' cashback indefinitely. The underlying technology is an affiliate tracking and routing system integrated with retailer affiliate programs, supported by AI and automation investments aimed at improving customer acquisition efficiency and conversion. The platform is free to consumers and generates revenue exclusively through affiliate commissions from partner retailers, operating a product-led growth model that funnels organic and referral-driven traffic to merchant partners. More than half of traffic originates from Tier 2-6 Indian cities, indicating depth beyond metro markets.

CashKaro scaled to 20M+ users as of 2022 with a stated target of 100M+, and facilitated over Rs 10,000 crore in sales for partner brands in FY26. The company operates from Gurugram with 251-500 employees and is venture-backed by Affle Global (Series C lead, November 2022), Kalaari Capital, Korea Investment Partners, and personal investor Ratan Tata. In FY26, CashKaro reported revenue of Rs 600 crore (up 72% YoY) while reducing EBITDA losses by 40% to Rs 17.7 crore, indicating a credible path to profitability driven by operating leverage—marketing spend grew only 7.6% against 72% revenue growth.

Name

Cashkaro

Legal name

Pouring Pounds India Private Limited

Website

https://cashkaro.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

CashKaro is an Indian cashback and coupon platform that enables consumers to earn rewards on purchases from 1,500+ partner e-commerce brands. The company generates revenue through affiliate commissions shared with users and operates EarnKaro, a creator-led affiliate sub-product.

Ownership category

akta.pro rank

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Digital Commerce or Content

Cost components

Marketing or Sales, Technology or R&D, Personnel, Operations

Revenue model

1. Affiliate Commissions: CashKaro generates revenue by earning commissions from partner e-commerce websites when users make purchases through the CashKaro platform. The company shares a portion of these commissions with users as cashback rewards. This is a transaction-based model where revenue is tied to GMV driven to partner brands.
2. Referral Program Revenue: The referral program allows users to earn 10% of their friends' cashback earnings indefinitely, creating a viral growth loop. While this costs CashKaro in payouts, it drives user acquisition at minimal CAC.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Cashkaro is a cashback and coupon aggregation platform that enables Indian consumers to earn rewards on purchases from over 1,500 partner e-commerce brands including Amazon, Flipkart, Myntra, AJIO, Nykaa, and Croma. The platform operates on an affiliate model, earning commissions from partner retailers when users are redirected through Cashkaro, and shares a portion of those commissions back with users as cashback. Cashback can be withdrawn to bank accounts, UPI, or converted to Amazon/Flipkart gift cards.

Product overview

CashKaro operates as a dual-offering platform combining its core CashKaro cashback-and-coupons product with the EarnKaro creator-led affiliate sub-product. The core CashKaro platform aggregates coupon codes and cashback offers from over 1,500 e-commerce partner brands, redirecting users to retailer sites and earning affiliate commissions that are shared back as rewards. EarnKaro extends this model by enabling influencers and creators to act as affiliate partners themselves, generating income through shareable links—a capability that has achieved 80% market share on Telegram. A Refer & Earn feature provides personal referral incentives to the consumer user base. Together, these products form an integrated savings-and-monetization ecosystem spanning B2C cashback and B2B affiliate marketing.

Differentiator

Problem solved

Functional benefit

Products and services

• CashKaro Cashback Platform Core cashback and coupon aggregation platform enabling Indian consumers to earn rewards on purchases from 1,500+ partner e-commerce brands. Users activate cashback through the website or mobile app, are redirected to retailer sites to shop, and receive a portion of the affiliate commission as cashback credited to their CashKaro wallet.
• EarnKaro Creator-led affiliate marketing sub-platform that enables influencers and content creators to earn commissions by sharing CashKaro partner deals via their own referral links. Operates as a wholly-owned subsidiary of CashKaro and dominates Telegram-based affiliate deal sharing.

Quantifiable outcome

• Users have earned over Rs 2,000 crore in cashback to date
• +3 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Amazon IndiacoreGTM or Marketing PartnerAmazon India is a primary e-commerce partner. CashKaro operates as an Amazon Associate, earning commissions on sales and sharing rewards with users (up to 5% on categories like Beauty, Apparel, Luxury Beauty). Pouring Pounds India Pvt. Ltd. is a participant in the Amazon Associates Program.
• FlipkartcoreGTM or Marketing PartnerFlipkart is a major e-commerce partner offering up to 6.5% cashback on fashion, lifestyle and other categories. Cashback tracks within 5 minutes on Flipkart orders. CashKaro drives sales to Flipkart and earns affiliate commissions.
• MyntracoreGTM or Marketing PartnerMyntra is a key fashion e-commerce partner with up to 6% cashback available on the platform. Regular banner placements on CashKaro homepage indicate strong partnership.
• AJIOcoreGTM or Marketing PartnerAJIO is a Reliance-owned fashion e-commerce platform partner with up to 7% cashback. Regular deals and banner placements on CashKaro homepage.
• 1,500+ E-commerce BrandscoreGTM or Marketing PartnerCashKaro partners with over 1,500 e-commerce brands across categories including fashion, electronics, beauty, pharmacy, travel, grocery, and more. Partner brands include Nykaa, Croma, MamaEarth, FirstCry, Tata CLiQ, ShopClues, and numerous others. Brands benefit from sales driven through CashKaro's affiliate model with commission-only pricing.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• GoPaisa: GoPaisa is one of India's largest cashback and coupon platforms, operating a near-identical affiliate model with partner e-commerce brands. It competes head-to-head with Cashkaro on retailer relationships, user acquisition, and cashback rates across the same consumer base in India.
• Cashback.in: Cashback.in is a long-standing Indian cashback platform offering rewards on purchases from major e-commerce retailers. It targets the same value-conscious Indian online shopper and competes for affiliate partnerships and traffic on similar search and SEO channels.
• CouponDunia: CouponDunia is an Indian coupon and cashback aggregator offering deals from a wide range of e-commerce brands. It serves the same Indian consumer segment, aggregates similar retailer partnerships, and competes directly on cashback rates and brand placements.

Emerging players

• Magicpin: Magicpin is an Indian hyperlocal discovery and rewards platform extending cashback into offline retail and dining. While Cashkaro is primarily e-commerce-focused, Magicpin overlaps on the cashback/loyalty mechanic and on Indian Tier 1-3 consumers, making it an adjacent emerging competitor.
• Cuelinks: Cuelinks is an Indian affiliate marketing network that automatically converts product links into affiliate links for publishers. While it serves publishers rather than end-consumers directly, it operates in the same Indian affiliate ecosystem and overlaps on brand relationships and commission flows.

Broad incumbents

• TopCashback: TopCashback is a UK-origin global cashback leader operating a similar affiliate-commission-share model across thousands of retailers. While focused on Western markets, it is directly comparable on business model, take-rate structure, and user proposition.
• Rakuten (formerly Ebates): Rakuten is the largest global cashback and loyalty platform, operating the same affiliate-commission-share business model as Cashkaro at massive scale. It represents the global benchmark for category economics, brand negotiation, and cross-border expansion potential.
• Honey (PayPal): Honey, owned by PayPal, is a leading browser-based coupon and cashback extension serving global online shoppers. While more coupon- than cashback-led, it directly competes on automated savings discovery and signals how a super-app/payment platform can absorb the cashback value proposition.
• Ibotta: Ibotta is a US-listed cashback rewards app that has pivoted into a broader e-commerce affiliate platform. Its evolution from a single-vertical mobile cashback app to a multi-vertical performance-marketing business offers a relevant scaling roadmap for Cashkaro.

Others

• CashKaro's EarnKaro (sub-platform benchmark context): EarnKaro is itself a CashKaro subsidiary but also competes with Telegram-native reseller and reseller-bot platforms in India. As a creator-led affiliate product, it operates in the same space as influencer commerce platforms, providing internal benchmark data for Cashkaro's adjacent market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cashkarocom
• YouTubeyoutube.com/c/cashkaroindia
• Facebookfacebook.com/cashkaro
• LinkedInlinkedin.com/company/cashkaro-com
• Instagraminstagram.com/cashkaro

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cashkaro