Gurugram-based cashback platform CashKaro reported a sharp rise in FY26 revenue, underscoring improved operating efficiency and disciplined spending. The company said revenue grew 72% year-on-year to about Rs 600 crore, up from roughly Rs 348–350 crore in FY25, while losses narrowed meaningfully on tighter cost control.
CashKaro’s EBITDA loss reduced 40% to Rs 17.7 crore in FY26 from Rs 29.2 crore a year earlier. Consolidated marketing spends for CashKaro and its sister platform EarnKaro rose a modest 7.6%, reflecting a focus on sustainable growth. The company said it enabled more than Rs 10,000 crore in gross merchandise value (GMV) for partner brands during the year and, cumulatively, has disbursed over Rs 2,000 crore as real cashback to users.
Business model and expansion
Founded in 2013 by Swati Bhargava and Rohan Bhargava, CashKaro operates on an affiliate marketing model, partnering with over 1,500 e-commerce platforms, including Amazon, Flipkart and Nykaa. When users shop via CashKaro, the company earns a commission and shares a portion as cashback, which can be transferred directly to bank accounts or via UPI.
The platform has broadened its reach through EarnKaro, which allows students, creators and influencers to earn by sharing product links, effectively enabling social commerce at scale. The company has also invested in regional and smaller-town outreach and has explored adjacent offerings, including select financial products, to deepen user engagement and monetisation.
Operational headwinds and strategy
Despite the topline momentum, the platform faces familiar challenges in the cashback segment, including user complaints around delayed or missed cashback tracking, which can impact trust and retention. Rising payout ratios also compress margins, while dependence on large e-commerce partners keeps commission rates sensitive to policy changes.
Competitive landscape and outlook
CashKaro competes with players such as ShopBack and CouponDunia, alongside broader consumer platforms like PhonePe and Paytm that drive commerce and rewards. The company aims to scale its user base from 25 million to 100 million over the next three years and is investing in AI-led personalisation and fraud detection to improve user experience and tracking accuracy.
Management has indicated it may evaluate an initial public offering once revenue stabilises in the Rs 600–700 crore range, aligning capital plans with sustained profitability metrics and predictable cash flows.
