🧠 Food for thought

Implications, context, and why it matters.

CashKaro grows by passing part of its affiliate income back to shoppers

• CashKaro uses affiliate marketing. Retailers pay a commission when shoppers buy through its platform 1.
• Those commissions made up 90% of operating revenue in fiscal year 2022 2.
• Cashback paid to customers was the biggest expense. It accounted for 60.4% of total spending in FY22 2.
• That payout rose 96.7% to 1.4 billion rupees (US$14.8 million) in FY22. Revenue growth moved in step with spending on user rewards 2.

CashKaro also reaches users through social sharing and neighborhood stores

• Results came from a wider channel mix that included the cashback app and EarnKaro, an affiliate platform 3.
• EarnKaro is a social cashback app that lets users share affiliate links 3.
• The CashKaro Store Network had partnered with more than 25,000 kirana stores, or neighborhood grocery shops, as of July 2022 3.
• EarnKaro and the store network brought in 30% of income. Sales data from these channels could help shape personalized offers or support BankKaro, a financial services platform related to CashKaro 3.