National, 5th May 2026 — CashKaro, India’s largest cashback app, today announced its FY26 results, reporting revenue of ₹600 Cr, up ~72% year-on-year from ₹348 Cr in FY25. The company also reduced its EBITDA losses by ~40%, from ₹29.2 Cr to ₹17.7 Cr, reflecting improving unit economics and a clear path to profitability.
CashKaro’s growth was driven by efficiency rather than incremental spend, with the platform enabling over ₹10,000 Cr in sales to partner brands. Marketing expenditure for CashKaro & EarnKaro increased by only 7.6%, despite strong revenue expansion, indicating improved customer acquisition efficiency and stronger conversion rates. Employee and infrastructure costs also remained stable, supported by investments in AI and automation that enabled productivity-led scaling. As a result, revenue growth significantly outpaced cost growth, demonstrating strong operating leverage.
The app has paid out over ₹2,000 Cr in real cashback to users to date, highlighting how CashKaro has become India’s smartest shopping habit. As consumers look to maximise value on every purchase, Cashback is increasingly becoming a core part of purchase decisions across metro and non-metro markets. As this behaviour deepens, savings-led commerce will become a fundamental layer of online shopping in India.
Commenting on the announcement, Swati Bhargava, Co-Founder, CashKaro & EarnKaro said, “This year, we grew our revenues by 72% while reducing losses by almost half. By design, we are unit economics positive on every transaction and a business that has significant network effects at play. Cashback is a billion-dollar business in the US, China and Europe — and CashKaro is set to surpass them all, especially with our suite of India-centric products like EarnKaro. With 80% market share on Telegram, EarnKaro has fast become the No.1 traffic generator for ecommerce, enabling influencers to earn up to ₹40 Lakhs a month. As entrepreneurs, this impact is what makes our journey truly satisfying.”
As brands look to drive more efficient growth in the current high-CAC environment, there is a clear shift towards affiliate-led performance channels that deliver revenue instead of just clicks. CashKaro operates as a performance engine in the space, getting paid commission for every sale it drives to partners. Users shop via CashKaro and get paid a large part of this commission as cashback. What makes the proposition unique is that this is real cash, transferrable directly to a bank account or via UPI. Given these savings are on top of all other discounts, it makes CashKaro the smartest way to discover brands and save the most money on online shopping.
Rohan Bhargava, Co-Founder, CashKaro & EarnKaro added, “As brands look to improve the efficiency of their marketing spend, many are shifting budgets from Google & Meta to affiliate-led performance marketing models like ours. As customer acquisition cost (CAC) continues to rise on these platforms, brands are increasingly seeing 4-10x better returns through affiliate models. The model works for brands because we only charge for sales, not traffic. We do effective data segmentation and targeting, which further improves conversion. Via CashKaro and EarnKaro, we are also able to target a wide variety of online shoppers for brands – ranging from corporate professionals to nano influencers, students, homemakers and even shoppers from Tier 2-6 cities.”
EarnKaro, the company’s affiliate marketing platform, continues to strengthen this ecosystem. The platform has built a strong presence in the creator economy, with deep traction across Telegram, Instagram, Facebook, YouTube and WhatsApp. EarnKaro is enabling users – including homemakers, micro-influencers and students alike – to participate in the digital economy by sharing deals, giving them a meaningful additional source of income.
With improving profitability, strong consumer traction and continued investments in AI and creator-led commerce, CashKaro remains focused on scaling sustainably, deepening the cashback habit among Indian consumers and strengthening its position in the fast-growing savings-led commerce category.
About CashKaro
CashKaro is India’s largest cashback app, enabling users to earn real cashback on online purchases across 1,500+ e-commerce brands, including Amazon, Flipkart and Myntra. It is the No.1 performance marketing partner for ecommerce, driving ₹10,000 Cr in annual sales to partner brands. CashKaro has raised over ₹250 Cr in funding from marquee investors including the Late Mr. Ratan Tata. Founded in 2013 by Rohan and Swati Bhargava, CashKaro has scaled to ₹600 Cr in revenues, growing over 70% in FY26. The company also operates EarnKaro, India’s #1 affiliate marketing platform that empowers content creators to monetise their reach, earning up to ₹40 lakhs a month by sharing affiliate links. CashKaro has been certified as Great Place to Work® since 2019, reflecting its continued focus on culture and employee well-being.
