CashKaro has wrapped up FY25 with a win worth talking about. The Gurugram-based cashback and affiliate commerce platform, along with sister app EarnKaro, booked ₹350 crore in revenue, a jump of 20.7% from last year’s ₹290 crore. And that’s not all: they pushed over ₹6,000 crore in gross merchandise value (GMV) for 1,500+ partner brands, completing a staggering 36 million transactions in a single year.
A Low-Cost Acquisition Powerhouse
Founded in 2013 by Swati and Rohan Bhargava, CashKaro has carved out a niche as a cost-effective customer acquisition channel for brands, especially relevant now, when ad spends on Meta and Google are hitting new highs.
“Our CAC is significantly lower compared to Meta and Google, and our retention rate is over 90%,” Swati Bhargava told Entrackr. That kind of stickiness is gold in today’s competitive digital market.
Expanding the Playbook
While the company posted an EBITDA loss of ₹21 crore in FY25 (up from ₹15 crore in FY24), it’s part of a deliberate growth push, scaling tech, expanding EarnKaro and BankKaro, and doubling down on high-potential verticals. The banking category is now a standout revenue driver, with travel flagged as the next big bet.
EarnKaro: The Secret Growth Engine
EarnKaro is pulling serious weight here, responsible for 2.3 billion of the 2.5 billion total leads generated in FY25. Telegram is the unsung hero, driving 85% of the platform’s affiliate commerce traffic through community-led sharing. With over 4 million users ranging from students and homemakers to influencers, some top earners are pulling in ₹40 lakh a month.
Real Cash, Real Loyalty
Unlike many reward apps that rely on coins or vouchers, CashKaro keeps it straightforward, direct bank transfers. Since inception, the group has paid out more than ₹1,000 crore to its users. Fashion, beauty, D2C brands, and financial products like credit cards remain core focus areas, with personal loans in the pipeline.
Backed for the Long Run
Supported by investors like Kalaari Capital, Affle Global, Korean Investment Partners, and the late Ratan Tata, the group has raised ₹250 crore so far. Looking ahead, they’re chasing a GMV milestone of over $1 billion in FY26.
In a space where rising ad costs are squeezing margins, CashKaro’s model, part community, part cashback, and fully performance-driven, is shaping up to be one of the most interesting growth stories in Indian e-commerce.
