GURGAON, India, July 29, 2013 /PRNewswire/ --
Cashkaro.com, India's Leading Cashback and Coupon Website, has Raised $750,000 From a Group of UK-based Angel Investors
Cashkaro has been launched by UK-based Pouring Pounds Ltd., who run various cashback websites in the UK. The opportunity in India was a clear draw for the enthusiastic husband-wife duo Rohan & Swati Bhargava who co-founded Pouring Pounds in mid-2011. Their India site www.cashkaro.com was formally launched in April 2013. "Given the great initial traction, it was evident that Cashkaro would do really well in India," said Rohan Bhargava, Co-Founder of Cashkaro.
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Cashkaro has now raised $750,000 to further strengthen its position in India. The investment is from a group of angel investors who work at companies like Investec, Gumtree, Paypal and more. Doug Scott who owns ASAP Ventures, UK's leading online company that runs multiple successful businesses with millions in their database, has also come on-board both as an investor and advisor of Cashkaro. ASAP Ventures also owns Discount Vouchers, UK's third largest voucher website.
In India, Cashkaro has partnered with 350+ top brands like Snapdeal, Myntra, makemytrip, Dominos and Tradus. They pay Cashkaro commission for every sale, and Cashkaro gives its members cashback from this. The model works well for Indian e-tailers as they only pay Cashkaro commission when a transaction takes place. There are no fixed costs for being listed on Cashkaro so it seems an obvious marketing channel for retailers.
"We've got great response from Indian retailers and they have found their cost of customer acquisition to be quite low with our Cashback site, compared to traditional forms of offline & online marketing. We are now getting many queries from retailers on how to get listed on Cashkaro," says Rohan.
The website is capturing the interest of the Indian shoppers and boasts of over 1,60,000 Facebook fans with interactive posts, contests and photos. Cashkaro has acquired over 75,000 registered members in a short span of time with a large number actually shopping through the site.
Swati Bhargava, CEO & Co-Founder of Cashkaro says, "We are very excited about the growth we are seeing in India and this fundraise enables us to establish ourselves as the market leader in our space. We offer both Cashback and Coupons to our members so I am sure the discerning Indian shoppers will see that savings offered by Cashkaro are grater than those offered by coupon only sites."
The recent IPO of RetailMeNot is a great precedent for the immense growth potential of sites like Cashkaro who are in the Cashback and Coupons space. Bringing a well-proven model to a huge market like India should only make the pie bigger and the deal sweeter.
About Cashkaro
Cashkaro enables Indian shoppers to get all discounts in one place. Members can get offers in the form of Cashback and Coupon codes and combine these with the existing sales and promotions retailers might be running on their sites. For example, you can get Rs. 180 Cashback on Myntra orders, even if you use Myntra coupons or shop at their sale. To get cashback, all you need to do is login to your free Cashkaro account and go to Myntra.com via its link on Cashkaro. Now Myntra will pay Cashkaro a commission, and they give you Rs. 180 Cashback from that.
Similarly you can also save with Snapdeal coupons and get upto 7.5% Cashback, Jabong coupons and get upto 6% Cashback, Yatra coupons & upto Rs. 375 Cashback and much more. Cashkaro works with established and upcoming brands alike including Flipkart, Babyoye, First Cry, makemytrip, Pizza Hut, Tradus, Goibibo, Mericar, Foodpanda and many more.
Cashkaro is also launching 100s of top restaurants offers in Delhi and Mumbai. Cashkaro members will be able to get Nirula's discounts, Subway offers, Dominos coupons and more offers at premier restaurants like Olive, Monk at Galaxy, Veda, Smoke House Deli and more.
About the team
Rohan and Swati Bhargava are both from India and have studied at the London School of Economics. Rohan worked for 8 years in the hedge fund and asset management industry in London, managing a $1bn portfolio of structured credit assets. Swati spent 5 years at Goldman Sachs London in the Investment Banking division and then Executive Office of the Co-CEO's of Goldman Sachs International, Richard Gnodde & Michael Sherwood. She was also shortlisted for the Asian Women of Achievement Awards in the UK in 2011. Cashkaro headquarters are in Gurgaon.
Facebook: http://www.facebook.com/Cashkaro
Twitter: @swats26, @cashkarocom
Primary Media Contact: Swati Bhargava, [email protected], 91-44-7810697089
Secondary Media Contact: Ayush Agrawal, [email protected], 91-9811054840
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