Elaborating on the business, Swati Bhargava, Co-Founder, CashKaro, explained that the platform has grown the number of partners to 1,500 and has now become a place for consumers to discover new brands.
The company was launched two years ago EarnKaro, a social cashback app. Bhargava says this is also going well. “We have got special agreements with the top Wire With producers, housewives, Facebook group owner, with WhatsApp Group owners, students and others who use the platform to generate affiliate links for themselves for any e-commerce product, and they share it on their WhatsApp groups and if someone buys through the link, They earn money,” says Bhargava.
As people are looking for work-from-home options and additional income, this has given them the opportunity to monetize their influence, she says.
The third business that the company launched last year is the CashKaro store network. It has partnered with around 25,000 kirana stores across India to take orders from their walk-in customers and place them online through the platform. A store owner who keeps placing orders through CashKaro gets cashback. “So, his income has increased from Rs 10,000 per month to Rs 25,000-30,000 per month and CashKaro has had such an impact on his life. For our partners, the platform provides them with a rural outreach and a means to find new online buyers from Tier-III and -IV cities of India. Therefore, as a result, most of our partners are willing to pay us higher commissions for the business that we bring in from the store network. ,
The expansion has helped CashKaro garner revenues of around Rs 225 crore. “Right now our deficit is less than Rs 10 crore per year. We think we will be able to achieve success in two years even though we are moving ahead on most of the fronts. Actually, we make profits in many months of the year. But in some months we do more marketing, due to which we do some loss. Otherwise, we can actually become a profitable business almost any month, because we can recover all our costs from our business anyway,” says Bhargava.
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The company says that currently around 30% of its business comes from EarnKaro and CashKaro store networks and 70% from CashKaro. Bhargava says GMV has increased by 80%, revenue has increased by 100% and losses have come down compared to FY2011. The company aims to achieve revenue of Rs 350-400 crore in this financial year.
CashKaro is also entering new territories. “We have three new projects starting this year; two of them we are still processing all the details, but the one we can talk about is called do bank”, says Bhargava.
BankKaro is a product that will offer cashback on credit cards, short-term personal loans and other types of financial instruments. “Through CashKaro, we know what kind of customers might need what kind of financial product. So we can both get married. BankKaro is a fulfillment platform where we will direct CashKaro customers to fill their digital applications. The idea is that we’re launching cashback on financial instruments, and that’s something we’ve seen other cashback sites globally have done really well for. We don’t have to call people randomly and ask them if they want a credit card. They are already members of CashKaro, we know what their spending patterns are, we know what can help them, so marrying that data algorithm will help us in good conversions,” says Bhargava Huh.
The company currently has a workforce of 350, which it plans to increase to 550-600 by the end of this year.
On the horizon, Bhargava says the company would definitely like to do an IPO. “I think our business can certainly do a IPO Because it has good unit metrics. But I think we still have some time for that because we would like to do an IPO when we reach maybe Rs 600-700 crore in revenue. Right now, we are at Rs 225 crore, which means we have a little time to go,” says Bhargava.