Finance category drives growth; company eyes up to INR 500 Cr in FY26 with reduced losses
Coupons and cashback platform CashKaro reported a 15.9% increase in operating revenue, reaching INR 350 Cr in FY25, up from INR 302 Cr in FY24.
Cofounder Swati Bhargava attributed the growth to strong momentum in the finance category, a robust partner network of over 1,500 brands, and more than 36 million transactions during the year. However, the company fell short of its internal revenue target of INR 400 Cr.
CashKaro reported an EBITDA loss of INR 21.6 Cr for FY25, slightly higher than the “under INR 20 Cr” net loss recorded in FY24. Despite this, the company successfully maintained flat marketing costs and reduced employee expenses by 11% YoY.
Founded in 2013 by Swati and Rohan Bhargava, the Gurugram-based platform allows users to earn cashback and rewards on purchases from partner brands such as Amazon, Flipkart, Nykaa, Tata 1mg, and Myntra. Since inception, CashKaro has raised INR 250 Cr from investors including Affle Global, Kalaari Capital, and Korean Investment Partners.
Currently, the platform serves a user base of 27 million and primarily generates revenue through commissions from brand partners. Bhargava shared a breakdown of revenue by category:
- Electronics & Smartphones: 25%
- Finance: 23%
- Fashion: 22%
- Beauty: 15%
- Others (grocery, medicine, travel, subscriptions, etc.): remaining share
FY26 Outlook
Looking ahead, Bhargava said CashKaro aims to achieve INR 470–500 Cr in revenue in FY26 while continuing to reduce losses. The strategy focuses on both horizontal and vertical growth-expanding user acquisition and deepening category partnerships.
To support this, the company has begun partnering directly with brands such as Samsung, BoAt, and Noise, moving beyond its traditional focus on e-commerce platforms like Amazon and Flipkart to improve margins.
