Indian cashback sites, tighten your seatbelts! Here comes a Singapore startup.

Online shopping gives people more bang for their buck. Discounts, flash sales, and promotions make for a happy shopper. And cashback sites add to that joy.

Now Singapore-based cashback startup ShopBack has ventured beyond its homeground into India to do just that. It is set to woo shoppers through affiliate sites like Flipkart, Nearbuy, Paytm, and Jabong.

Cashback is a new concept in India that has been luring customers by literally paying them to shop online. Homegrown firms like CashKaro, LafaLafa, and GoPaisa have come up in this space.

But ShopBack, a leading cashback firm in Southeast Asia, could give them a run for their money. It currently covers over 1,000 online shopping destinations.

Paid to shop online

Photo Credit Serge Kij

“India is an amazing market that has grown exponentially to become a massive tech ecosystem. The voluminous ecommerce market growth spells plenty of room for cashback players like us to get a share of the pie!” co-founder Joel Leong said in a statement.

Ecommerce in India grew from US$5 billion to US$8 billion over the past year, and is set for deeper penetration this year.

Cashback websites have been piggybacking the ecommerce boom in India.

“Cashback” is the portion of a sale that goes back into a consumer’s mobile wallet that can then be used to top up mobile credit, pay bills, or buy other items on the cashback site.

Indian website CashKaro, for instance, has earned a name for itself. The company links its customers to over 1,000 partner retailers. In November, it got US$3.8 million in funding from Kalaari Capital.

A splashy debut

Photo Credit: Ian D. Keating

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