Rocketing Facebook fans and a cash boost of $750,000 are just a couple of major developments encountered by a UK-funded flourishing cashback site in India.
Following its recent launch into the Asian nation, Cashkaro, which is headed up by chief executive officer (CEO) and co-founder Swati Bhargava, has seen its Facebook fans climb from 17,000 to more than 180,000 – in just a few months.
Gurgaon-headquartered Cashkaro is technically an expansion of the 2011-founded UK cashback and voucher website Pouring Pounds, only the new venture launched under a different brand name. Pouring Pounds is primarily a B2B player and also runs the Daily Mail Rewards Club’s cashback site.
“Given the huge opportunity in India we launched there in April and we are now seeing great traction, growing faster than any other cashback site,” Bhargava said.
“The engagement level on our Facebook page is actually the highest across all cashback and coupon sites in India and in many cases higher than some of the top brands in India too.”
The company, which began marketing the site primarily through Facebook, has also just raised $750,000 from a group of UK angel investors. The funds, from investors who work at companies such as Investec, Gumtree, PayPal and more, will be used to expand the business.
Owner of ASAP Ventures, Doug Scott, has also joined the company as an investor and an advisor of Cashkaro. UK business ASAP Ventures runs the Discount Vouchers website.
Cashkaro has partnered with more than 350 top brands in India, such as Snapdeal, Myntra, makemytrip, Domino's and Tradus. The companies pay Cashkaro commission for every sale and Cashkaro gives its members cashback from this.
Bhargava, who previously worked in the investment banking division at Goldman Sachs, runs the company with her husband Rohan, who is also a co-founder.
Despite being a competitive sector, the recent IPO of RetailMeNot and expansion of other voucher code sites into new markets, sets a good precedent for the huge growth potential of sites like Cashkaro.