India-based e-commerce and cashback company CashKaro has secured $10m in a Series B funding round.
The New Delhi-based startup’s new cash injection comes five years after it raised its $3.8m Series A round, according to TechCrunch.
Korea Investment Partners led the Series B round that also enjoyed participation from Kalaari Capital.
CashKaro will use the money to fuel further development of its social commerce cashback app EarnKaro, which is said to have one million registered users.
Spouses Swati and Rohan Bhargava launched CashKaro in 2013 and today boasts of having over five million users across its different services. The startup has also established partnerships with more than $1,500 e-commerce sites.
The news comes after FinTech activity in India nearly doubled between 2015 and 2019, in terms of investment. Back in 2015, the Indian FinTech sector raised $2.14bn, according to FinTech Global’s data. The investment into the sector then skyrocketed in 2017 when the industry convinced investors to back it to the tune of $8.24bn in investment.
Even though investment slumped in 2018 to only reach $1.79bn, the industry recovered in 2019 when 154 deals with a combined value of $5.15bn were completed.