Coupons and cashback platform CashKaro has announced a remarkable financial performance for the fiscal year 2025-26 (FY26), reporting a substantial 72% year-over-year surge in its operating revenue to ₹600 Cr. This significant growth marks a considerable increase from the ₹348 Cr recorded in the preceding fiscal year. The company attributes this impressive financial trajectory to a robust expansion in revenue, enhanced operating leverage, stringent cost management, and improved customer acquisition and conversion rates.
Strategic Financial Management and Growth Drivers
In addition to revenue growth, CashKaro has also demonstrated strong fiscal discipline by reducing its EBITDA loss by 40% in FY26, bringing it down to ₹17.7 Cr from ₹29.2 Cr in FY25. This improved profitability is a direct result of strategic operational efficiencies. The Delhi NCR-based startup meticulously managed its promotional expenses, with marketing expenditure for both CashKaro and its affiliate marketing platform, EarnKaro, rising by a modest 7.6% year-over-year in FY26. Furthermore, the company highlighted that employee and infrastructure costs remained stable due to strategic investments in artificial intelligence and automation, which have significantly boosted productivity and operational efficiency.
Company Vision and Market Positioning
Swati Bhargava, cofounder of CashKaro and EarnKaro, expressed optimism about the company’s performance and future prospects. “This year, we grew our revenues by 72% while reducing losses by almost half. By design, we are unit economics positive on every transaction and a business that has significant network effects at play. Cashback is a billion-dollar business in the US, China and Europe — and CashKaro is set to surpass them all, especially with our suite of India-centric products like EarnKaro,” Bhargava stated. This outlook underscores CashKaro’s confidence in its business model and its potential to dominate the cashback and affiliate marketing sector in India.
Business Model and Market Impact
Founded in 2013 by Swati and Rohan Bhargava, CashKaro operates on a commission-based revenue model, earning income from brand partners for every sale generated through its platform. The platform partners with over 1,500 brands, including major players like Nykaa, Amazon, Flipkart, Tata 1mg, and Myntra, offering users coupons, discounts, and cashbacks. To date, CashKaro claims to have facilitated sales worth ₹10,000 Cr for its brand partners and disbursed over ₹2,000 Cr in cashback to its users. EarnKaro, its affiliated marketing arm, further extends its reach by allowing users to monetize product deals. The company’s strong backing from notable investors, including the late Ratan Tata, Affle Global, Kalaari Capital, and Korean Investment Partners, who have collectively invested over ₹250 Cr in funding, validates its market potential and growth strategy.
Future Outlook and Profitability Goals
Looking ahead, CashKaro is strategically positioning itself for future profitability, driven by sustained consumer traction and ongoing investments in AI and automation. The company’s focus on enhancing user experience and expanding its service offerings, particularly through EarnKaro, is expected to further solidify its market leadership. By leveraging its robust network effects and unit economics positive model, CashKaro aims to replicate and potentially exceed the success seen in global cashback markets, reinforcing its commitment to delivering value to both consumers and brand partners while charting a clear path towards sustained financial success.
