Cashkaro was deemed as India’s largest cashback site around the end of first quarter of FY18 by Forbes. While the title is debatable, the fact that the company did make some financial progress is visible in its latest filings with MCA.
The company has reported a revenue of Rs 22.48 crore for the fiscal year ending March 2018. This is a 32 per cent increase from the previous fiscal where the figure stood at Rs 17.03 crore.
Simultaneously, the losses of the firm shrunk by 54.29 per cent, going down from Rs 3.61 crore to Rs 1.65 crore.
The expenses of the firm took a small 16.79 per cent hike, going up to Rs 24.13 crore from Rs 20.66 crore. The major areas of expenditure for the company lie in its cashback and gift coupon services. Combining these two categories, the company has spent Rs 14.33 crore in FY18, a 39.26 per cent increase from Rs 10.29 crore figure in FY17.
The company earns its basic revenue from commissions and software development and support services it provides. In FY18 the company earned commissions worth Rs 20.8 crore, a significant improvement as compared to Rs 12.26 crore figure in FY17.
Apart from India, the company has operations in UK and Singapore. In UK it goes by the name PouringPounds.com and in Singapore it started in February this year, close to the end of FY18, as ZoBucks.com.
The Ratan Tata and Kalaari Capital backed company, which hasn’t raised any funds since 2016 also launched an android application in June this year.
It’s worth noting that Flipkart had reduced affiliate business up to 80 percent in July this year and impacted large platforms like CahKaro. However, company claimed ‘no impact’ on its usual business.
The company faces tough competition from the likes of CouponDunia, GroupOn among others.
Going further, even while the losses are decreasing and revenues increasing, this Rohan and Swati Bhargava led company has a long road to cover till profitability and might need to refill its well of money soon to keep fighting the competition.
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