Ratan Tata has invested an undisclosed amount in online cashback and coupon website Cashback.com in his personal capacity. This is his third investment in Indian Startups in 2016. The investment comes about two months after Cashkaro.com raised Rs.25 crores from Kalaari Capital, making cashkaro the most funded company in the cashback space.
Cashkaro will use the proceeds to further build its technology, enter international markets, as well as towards brand awareness and to hire senior level talent for the company.
“The funding from Mr. Ratan Tata marks another milestone in CashKaro’s journey. We are privileged to have him come on-board as an investor. His expertise and insight will be immensely helpful as CashKaro.com expands to newer markets and pursues an aggressive customer acquisition strategy,” said Swati & Rohan Bhargava.
Cashkaro is a coupons and cashback site rewarding customers for visiting online retailers through their site.
Cashkaro has ties up with more than 1000 online retailers and claims to have more than 10 lakh registered users. They does up to 3 lakh transactions every month with an average transaction ticket size of about $40. [Source: ET]
Cashkaro is the brainchild of entrepreneur duo Rohan Bhargava and Swati Bhargava who’ve had considerable experience in the cashback domain in the UK where they provided cashback on newspapers. The idea worked so well, it was only a matter of time they turned their attention to India and set up store here to bring the sought after concept of cashback to the Indian soil.
Cashkaro is all set to launch their mobile app in the near future as well as expand to newer markets Singapore and Malaysia. Cashkaro is also in talks with almost 50 international brands including Macy’s, Banana Republic, Victoria’s Secret and many more to give Indians a taste of international names as well.
Cashkaro is the third startup where Ratan Tata has invested in 2016. Startup research platform Tracxn and pet care startup Dogspot being the other two.
Ratan Tata has invested in 21 startups till now. [Source: Huff Post India]
His current portfolio includes companies like Snapdeal, Bluestone, Urbanladder, Ola, Cardekho, Paytm, Karyaah, Ampere, Lybrate, Holachef, Crayon. He is the first Indian to invest in the Chinese mobile company Xiaomi. He has also invested in social ventures like Grameen Capital and Swasth Bharat.