The round was led by Korea Investment Partners, with participation from returning investor Kalaari Capital. Over the past five years, the company has introduced a price comparison service, and EarnKaro, a social commerce cashback app that launched about 18 months ago.
Part of the Series B will be used to expand EarnKaro, which has about one million registered users. It allows social commerce sellers, or people who use social media platform and messaging apps like WhatsApp to sell items, make extra cash by creating affiliate links to ecommerce sites like Amazon and Flipkart.
The launch of EarnKaro is said to have allowed CashKaro to reach into smaller cities and rural areas, where shoppers often prefer to order from people whose recommendations they trust (i.e. ‘micro-influencers’) instead of ecommerce sites, TechCrunch explains.
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