From Ambala to Affiliate Marketing: Swati Bhargava on building her brand and changing how India saves

Swati Bhargava, Co-Founder of CashKaro and EarnKaro, has been a trailblazer in the Indian affiliate marketing space. From her roots in Ambala to studying at the London School of Economics, her entrepreneurial journey is one of resilience, innovation, and a relentless drive to empower consumers. In this interview, Swati shares her inspiration, the challenges of building a startup when the ecosystem was still young, and how CashKaro is making saving money easier while helping brands grow.

Growing up in Ambala, what inspired your entrepreneurial spirit and drive for success?
Growing up in Ambala, I was always surrounded by the values of hard work, discipline, and perseverance. My parents placed a strong emphasis on education and financial independence, which shaped my mindset early on. I was always curious about how things worked and constantly looked for ways to challenge myself.

Winning a scholarship to study at the London School of Economics (LSE) was a turning point in my life. It opened a world of opportunities and gave me a global perspective on business and finance. More importantly, it nurtured my problem-solving approach—something that would later become the foundation of my entrepreneurial journey.

The idea of creating something impactful, something that could genuinely help people save and manage their money better, excited me. That’s where the spark for CashKaro came from. I wanted to build a platform that made savings effortless and rewarding for Indian shoppers, and that’s exactly what we’ve been working towards.

What was the motivation behind becoming an entrepreneur, especially when the system wasn’t perhaps as kind as it is now?
Back when we started CashKaro in 2013, the startup ecosystem in India wasn’t as mature as it is today. There were fewer success stories, and limited access to funding, and building trust with brands and users was a challenge. But for me, the motivation was simple—I wanted to create something impactful that could genuinely help people save money while shopping. The idea came from a personal experience when Rohan and I saved money using a cashback site while booking our honeymoon tickets. That sparked the thought: Why not bring this concept to India?

Of course, there were hurdles—explaining the cashback model, scaling the business, and proving its value. But I’ve always believed that challenges make the journey more rewarding. Having a strong support system—my family, mentors, and, of course, Rohan—kept me going. Today, seeing how far we’ve come, with over 4000 crore GMV & returning over INR 1000 crores in real cashback to users, makes all the effort worth it.

What motivated you to venture into the affiliate marketing industry when it was relatively unexplored in India?
When Rohan and I discovered the cashback model in the UK, we saw a massive opportunity—leveraging the growth of e-commerce in India while addressing rising Customer Acquisition Costs (CACs). As online shopping surged, we noticed that Google and Meta were becoming less effective for brands due to skyrocketing CACs. Companies were spending heavily on these platforms but struggling to achieve sustainable ROAS.

Therefore, we focused on performance marketing, offering a return-on-ad-spend (ROAS)-driven approach that delivers measurable results. With CashKaro, launched in 2013, we introduced this high-ROAS, low-CAC model, partnering with over 1,000 brands across diverse categories, including Amazon, Flipkart, and Myntra. Our model has proven highly effective, with some marketplaces achieving ROAS as high as 30-40X.

As the industry evolved, we launched EarnKaro in 2019, further amplifying the impact of affiliate marketing by empowering individuals—students, influencers, and content creators—to monetize their networks effectively. Today, over 40 lakh users generate income while helping brands acquire customers efficiently. Our mission remains clear—revolutionizing digital marketing in India by offering a sustainable, performance-driven model that benefits both brands and individuals.

If you have to explain it to a kid, how would you say CashKaro is able to give so many cashbacks? Where is the money coming from, who is eventually paying for the discount or offer the end user is getting? And also, how is CashKaro making money?
Imagine you love chocolates, and there's a big store that sells all kinds of chocolates. Now, let's say I tell you, "Hey, if you buy chocolates from this store using my special link, the store will give me a small thank-you gift (a commission), and I'll share a part of that gift with you as cashback!" Sounds cool, right?

That's exactly how CashKaro works! E-commerce websites want more people to shop from them. So, they partner with CashKaro and say, "If you send shoppers our way, we'll give you a commission when they shop." When the shoppers shop via CashKaro, the brand pays CashKaro a small percentage of what the shopper spends as commission, and CashKaro gives a part of that money back to the shoppers as cashback.

So, the brands are the ones paying for the shopper’s discount, and CashKaro earns by keeping a small portion of the commission. Instead of spending huge money on ads, brands prefer giving a commission to CashKaro because it helps them get real shoppers. It’s a win-win for everyone—shoppers save money, brands get customers, and CashKaro earns for bringing great shoppers!

As a successful entrepreneur and a public figure, how do you balance your professional responsibilities with your personal life? What strategies do you use to manage stress and maintain a healthy work-life balance, especially in a demanding industry like e-commerce?
Balancing work and personal life isn’t about dividing time equally—it’s about being fully present wherever you are. In the fast-paced world of e-commerce and affiliate marketing, I focus on prioritization and setting clear boundaries. Even with a packed schedule, I make time for family and personal well-being. Rohan and I work together, which helps, as we understand and support each other’s goals.

To manage stress, I rely on fitness, meditation, yoga, and travel. Yoga helps me stay calm, centered, and energized. Staying active clears my mind, and taking breaks makes me more productive. Surrounding myself with a great team allows me to focus on long-term goals without getting caught up in daily operational stress. At the end of the day, my biggest motivation is the impact we’re creating through CashKaro and EarnKaro—helping people save money and earn online keeps me energized and excited every day.

What is that one lesser-known hack that many CashKaro users might be unaware of but could help them save even more bucks?
One of the best hacks many users miss is the double-dipping technique—combining CashKaro cashback with bank offers and wallet discounts to maximize savings. For example, if an e-commerce site offers 10% off on a credit card, and you shop via CashKaro, you get both the discount and additional cashback. This stacked savings approach ensures users get the best deals every time they shop.

Another great way to earn without even shopping is through CashKaro’s referral program. By referring friends, you can earn 10% of their cashback whenever they shop via CashKaro, making it a simple and effortless way to save even more.

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