CashKaro reported a sharp rise in FY26 revenue on the back of operational improvements and disciplined spending, while narrowing losses. The Gurugram-based cashback and rewards platform said revenue increased 72% year-on-year to about Rs 600 crore, up from roughly Rs 348–350 crore in FY25, alongside a meaningful reduction in EBITDA losses.
The company’s EBITDA loss declined 40% to Rs 17.7 crore from Rs 29.2 crore a year earlier. Combined marketing spends for CashKaro and sister platform EarnKaro rose a modest 7.6%, underscoring tighter cost controls. Management said partner brands generated more than Rs 10,000 crore in gross sales through the platform in FY26, while cumulative user payouts have crossed Rs 2,000 crore in real cashback.
Business model and growth drivers
Founded in 2013 by Swati Bhargava and Rohan Bhargava, CashKaro operates an affiliate-led model. It works with over 1,500 ecommerce partners, including Amazon, Flipkart and Nykaa, earning commissions on user transactions. A share of this commission is passed back to shoppers as cashback, which can be withdrawn directly to bank accounts or via UPI—an approach that has supported repeat usage and retention.
The company has expanded its reach with EarnKaro, which enables students, creators and influencers to earn through product-link sharing and community-led commerce. CashKaro has also rolled out initiatives aimed at Tier-II and Tier-III markets and is exploring adjacent offerings, including select financial products, to deepen engagement and improve monetisation.
Operational challenges and competitive landscape
Despite the topline momentum, the platform faces recurring issues around delayed or failed cashback tracking—an industry-wide challenge tied to attribution, returns and partner-side approvals—that can erode user trust. Rising payout ratios also put pressure on unit margins, while dependence on large partners concentrates commission risk.
CashKaro competes with global and domestic rewards players such as ShopBack and CouponDunia, as well as payments-led ecosystems like PhonePe and Paytm that bundle deals, coupons and shopping journeys. To strengthen its position, the company aims to scale its user base from 25 million to 100 million over the next three years, with investments in AI-driven personalisation, fraud prevention and attribution to improve conversion and service reliability.
Outlook and capital plans
Management has indicated that once revenue stabilises in the Rs 600–700 crore range with improved profitability metrics, the company may evaluate an initial public offering. In the near term, priorities include expanding partner integrations, improving tracking accuracy, and driving higher order frequency while maintaining measured marketing spends.
