CashKaro, a Gurugram-based cashback and affiliate commerce platform, closed FY25 with revenue of ₹350 crore, a 20.7% increase from ₹290 crore in FY24. Alongside its sister app EarnKaro, the company facilitated over ₹6,000 crore in gross merchandise value (GMV) for more than 1,500 partner brands, completing over 36 million transactions during the year.

Key Highlights

• CashKaro achieved ₹350 crore in revenue in FY25 and enabled over ₹6,000 crore in partner sales.
• EarnKaro and CashKaro collectively completed over 36 million transactions across more than 1,500 partner brands.

Founded in 2013 by Swati and Rohan Bhargava, CashKaro positions itself as a cost-effective customer acquisition channel for brands at a time when acquisition costs on platforms like Meta and Google are surging. According to Swati Bhargava, the company’s customer acquisition cost remains significantly lower, with a retention rate exceeding 90%.

In FY25, the company reported an EBITDA loss of ₹21 crore, compared to ₹15 crore in FY24, due to investments in expanding its tech team and growing EarnKaro and BankKaro. The banking category emerged as a strong revenue driver, while travel is seen as a potential growth segment.

EarnKaro has been a major growth engine, generating 2.3 billion of the 2.5 billion leads in FY25. Telegram remains a key traffic source, driving 85% of affiliate commerce activity. With over 4 million users, including students, homemakers, and influencers, the top earners on EarnKaro make up to ₹40 lakh per month.

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Since inception, the group has paid over ₹1,000 crore directly to users’ bank accounts, focusing on real cash rewards rather than coins or vouchers. Its primary categories include fashion, beauty, D2C brands, and financial products like credit cards, with plans to add loans soon.

Backed by Kalaari Capital, Affle Global, Korean Investment Partners, and the late Ratan Tata, CashKaro and EarnKaro have raised ₹250 crore so far. The company now aims to surpass $1 billion in GMV in FY26.