Ratan Tata invests in CashKaro.com
Bengaluru, India | Red Newswire | Jan 19, 2016 Last Updated at 4:00 PM IST.
Ratan Tata has backed the online cashback venture CashKaro.com for an undisclosed amount. Before this CashKaro had raised Rs. 25 crore from Kalaari Capital. Tata joined the Vani Kola – founded Venture firm as an advisor to its portfolio companies.
Swati and Rohan Bhargava founded CashKaro in 2013 and will use the funding for building the technology, marketing, brand awareness and hiring talent.
Swati Bhargava, co-founder said, “We’re launching our cash-back site in Singapore over the next three months, and will also look to enter other markets in South-East Asia. We will also be launching our app in the next two quarters.”
Cashbacks are high now in the world of e-commerce. The customers who shop through CashKaro get cashbacks and discount coupons. The company has also tied up with around a thousand retailers. Over 10 lakh people are registered on the site.
CashKaro closes 300,000 transactions approximately every month and the average ticket size is $40. It aims to target sales worth Rs. 1,000 crore in the coming months.
Bhargava said, “He (Tata) has the experience of building and scaling businesses across geographies. We’re hoping he will share his insights on customer branding, loyalty, retention and expansion with us.”