Cashback and affiliate commerce platform CashKaro reported a strong financial performance in FY26, with revenue rising 72% year-on-year to ₹600 crore, up from ₹348 crore in FY25.
The company, along with its sister platform EarnKaro, facilitated over ₹10,000 crore in gross merchandise value (GMV) for partner brands during the year, compared to ₹6,000 crore in the previous fiscal, highlighting strong traction in affiliate-led commerce.
Despite continued investments in technology and ecosystem expansion, CashKaro managed to improve its profitability metrics. Its EBITDA loss narrowed to ₹17.7 crore in FY26, down from ₹29.2 crore in FY25, reflecting better unit economics and operating efficiency.
Founded in 2013 by Swati Bhargava and Rohan Bhargava, CashKaro positions itself as a low cost customer acquisition channel for brands, especially as digital advertising costs on platforms like Google and Meta continue to rise.
The company attributed its growth to improved efficiency, noting that while revenue grew 72%, marketing spend increased by only 7.6%, indicating stronger conversions and more effective user acquisition. Stable employee and infrastructure costs, supported by AI-led automation, also contributed to margin improvement.
EarnKaro remained a key growth driver, gaining traction across platforms such as Telegram, WhatsApp, Instagram, and YouTube, where users monetise deals through social sharing.
To date, CashKaro claims to have paid over ₹2,000 crore in cashback directly to users’ bank accounts. Categories like fashion, beauty, and D2C brands continue to dominate, while financial services are emerging as a high value segment.
Backed by investors including Kalaari Capital, Affle Global, Korean Investment Partners, and Ratan Tata, the company has raised over ₹250 crore so far.
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