CashKaro’s Dynamic Duo: Swati and Rohan Bhargava’s Journey to Cashback Leadership

In the competitive realm of cashback and coupons, CashKaro, founded by the dynamic husband-wife duo Swati and Rohan Bhargava, has carved its niche as India’s leading player. Celebrating eight years of operations, CashKaro’s unique selling proposition of providing hard cash as cashback has set it apart in an industry inundated with points, coins, and wallet cash. In this feature, we explore the journey of Swati and Rohan Bhargava, their challenges, strategic shifts, and the path that led CashKaro to become a prominent player in the cashback ecosystem.

Founded in 2013 in a one-bedroom apartment in London, CashKaro embarked on its journey, challenging the scepticism surrounding the concept of cashbacks. The initial years were marked by slow but steady growth. By 2015, the start-up had raised Rs 25 crore in a series A round from Kalaari Capital, signalling investor confidence in its potential.

After a phase of stagnation, the Bhargavas realized the importance of strategic investments. While fiscal discipline was crucial, they recognized the need to strike a balance by investing in brand building and marketing. In 2019, CashKaro decided to accelerate its growth by allocating more funds to marketing, exploring new categories, and venturing into social commerce with EarnKaro.

CashKaro’s foray into assisted ecommerce with ‘CashKaro Stores’ in rural India during the pandemic showcased the founders’ resilience and adaptability. The offline store count exceeded 4,000 kiranas, marking a strategic move to tap into untapped markets. CashKaro also ventured into card-linked offers, emphasizing its commitment to experimentation, even if not every venture resulted in immediate success.

While Cred garnered attention with its commercial featuring Rahul Dravid, CashKaro responded with #CashOverCoins, reinforcing its commitment to offering tangible cash as cashback. The startup’s revenue almost doubled from Rs 56.91 crore in FY20 to Rs 105 crore (unaudited) in FY21. Marketing spend increased by 60 percent, with tier 2 to 6 towns contributing over 50 percent of monthly visitors.

CashKaro’s partnerships with direct-to-consumer startups and online players like Mamaearth, Ajio, Tata Cliq, and others broadened its product categories. Shifting from traditional sectors like mobile and electronics, CashKaro capitalized on the surge in beauty, personal care, fashion, edtech, and health segments, driven by a new wave of first-time online shoppers during the pandemic.

Venture capitalists laud CashKaro’s disciplined approach to unit economics. Anil Joshi, founder of Unicorn India Ventures, emphasizes the importance of building a strong foundation before accelerating growth. The Bhargavas’ decision to increase marketing spend and build brand awareness, even at the cost of rising losses, reflects their confidence in the underlying fundamentals and positive unit metrics.

As CashKaro marks eight years of operations, Swati and Rohan Bhargava express their eagerness to accelerate the pace further. With robust financials, a loyal user base, and a diversified product offering, CashKaro is poised for a future filled with innovation and expansion.

In the dynamic landscape of India’s cashback and coupons market, Swati and Rohan Bhargava’s journey with CashKaro stands as a testament to their entrepreneurial spirit, strategic acumen, and resilience in navigating the evolving e-commerce terrain.