UK based company Pouring Pounds has raised $750k from angel investors in its first round of funding, a top company official told NextBigWhat. The startup operates four cash back websites in the UK and Cashkaro.com in India.
Rohan Bhargava, the Co-Founder of Pouring Pounds told NextBigWhat that the investors were based in London and did not want to be named. The funds will be used to grow Cashkaro, he said.
Cashkaro has tied up with more than 350 brands like Myntra, Snapdeal, Yatra and makemytrip to offer cashback for people who shop from these websites. The company has a two sided business. One side deals with other businesses. For instance, the company helps newspapers, corporates and large websites to setup and manage cashback and coupons. The other side of the company, deals directly with customers where the company offers cashback and coupons to customers directly.
Gurgaon headquartered Cashkaro was launched in Beta in November 2012 and has 40,000 registered users, Bhargava, a former hedge fund manager said. His co-founder Swati Bhargava was an investment banker at Goldman Sachs.
There are over 150 coupon and price comparison websites in India looking to cash in on the affiliate fee offered by the retailers to make money. Cashkaro works on a similar model. However, Bhargava says that the difference is that Cashkaro does not keep the entire commission given by the retailer. “We give users cashback from that. Coupon sites keep that commission. Plus we give free coupons as well,” he said.