Gurugram-based cashback platform CashKaro has reported strong growth in FY26. The company’s revenue jumped 72% to Rs 600 crore, compared to around Rs 348–350 crore in FY25. This growth came mainly from better operations, not heavy spending.
At the same time, CashKaro reduced its losses. Its EBITDA loss dropped by 40%, from Rs 29.2 crore to Rs 17.7 crore. Marketing expenses for both CashKaro and its sister platform EarnKaro increased only by 7.6%, showing careful cost control. During the year, the platform helped generate over Rs 10,000 crore in sales for partner brands. It has also given back more than Rs 2,000 crore as real cashback to users till now.
How CashKaro works and grows its business
CashKaro was founded in 2013 by Swati Bhargava and Rohan Bhargava. The platform earns money through affiliate marketing. It partners with over 1,500 e-commerce brands like Amazon, Flipkart and Nykaa.
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When users shop through CashKaro, the company earns a commission and shares a part of it as cashback. This cashback can be transferred directly to a bank account or UPI. Its simple and transparent model has helped it build a loyal user base. The company has also expanded into other areas. EarnKaro allows users like students and influencers to earn by sharing product links. It also has other initiatives to reach users in smaller towns and offer financial products.
Challenges and future plans
Even with strong growth, CashKaro faces some challenges. Many users complain about delays or issues in cashback tracking, which affects trust. Also, margins are under pressure as cashback payouts increase. The company also depends heavily on big partners for commissions.
CashKaro competes with platforms like ShopBack and CouponDunia, along with apps like PhonePe and Paytm. Going forward, the company plans to grow its user base from 25 million to 100 million in the next three years. It is also investing in AI to improve user experience. Once revenue becomes stable around Rs 600–700 crore, CashKaro may consider launching its IPO.