CashKaro FY26 revenue jumps 72% to ₹600 crore; EBITDA losses shrink

Gurugram-based CashKaro reported a robust FY26 performance, with revenue rising 72% year-on-year to ₹600 crore from ₹348 crore in FY25. The company also narrowed its EBITDA losses by 40% to ₹17.7 crore, compared to ₹29.2 crore in the previous year.

The cashback and affiliate commerce platform said it enabled over ₹10,000 crore in sales for partner brands during the year.

Notably, marketing spends for CashKaro and EarnKaro grew just 7.6%, despite the sharp jump in revenue, indicating improved efficiency.

Employee and infrastructure costs remained largely stable, supported by investments in AI and automation that helped drive productivity-led scaling, the company said.

CashKaro has cumulatively paid out over ₹2,000 crore in cashback to users so far, reinforcing its positioning in the savings-led commerce space. The platform allows users to earn real cashback on purchases, which can be directly transferred to bank accounts or via UPI.

Co-founder Swati Bhargava said the company remains unit economics positive at a transaction level and is benefiting from strong network effects. She added that cashback-led commerce is a large global opportunity, and CashKaro aims to scale further with India-focused offerings like EarnKaro, which has built a strong presence on Telegram and emerged as a key traffic driver for ecommerce.

Co-founder Rohan Bhargava said that brands are increasingly shifting budgets away from platforms like Google and Meta towards affiliate-led performance marketing, driven by rising customer acquisition costs.

He said affiliate models are delivering 4-10x better returns, as brands pay only for conversions rather than traffic, supported by better targeting and data-led segmentation across a wide user base.

Backed by investors such as Kalaari Capital, Affle Global, Korean Investment Partners and Ratan Tata, the company has raised over ₹250 crore to date.