CashCry, a cashback company located in Allahabad, is enticing customers with real money rewards

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The evolution of online purchasing has fueled the expansion of India's cashback and coupon business. However, the Allahabad-based Bhanu Pratap Singh, 25, and Harshit Singh, 27, thought it was unjust that users were only given "coins" or "rewards," so they founded a cashback firm that intends to do just that: return money to customers' bank accounts. CashCry aspires to transform India's huge retail sector into a digital utopia in which customers may locate any product or service they want, as well as receive additional discounts and cashback on all of their transactions.

 

Aside from that, they want to offer the finest bargains to the ever-price-conscious Indian consumer, which is something that internet consumers are always looking for. CashCry is based on the premise that discounts, bargains, quality, and options are the most important decision elements for a buyer, and it is capitalizing on the burgeoning online shopping market. Bradbury Technovative Solutions, the startup's parent company, established the startup in 2019, with the final product being online only in April of this year. They were iterating, and the epidemic provided additional complications.

 

Bhanu saw that more individuals were buying products online in 2018 and that they were "constantly hunting for the greatest discounts, cheaper alternatives, and referral codes" to earn money. He was optimistic about the future of online shopping, which inspired him to develop a platform that would make it easier for consumers to shop online and gain a direct advantage. Bhanu met Indrasen Singh, Chairman of the institute where he was studying for a finance course, and he became an early investor and mentor for CashCry. Harshit, his son, became a co-founder as well.After three months of incubation at IIM Kashipur, Harshit and Bhanu publicly established CashCry in mid-2019 with an initial capital of Rs 5 lakh raised from friends and family. 

 

In the beginning, the site focused solely on cashback, which was funded by referral fees received from eCommerce companies. However, the duo quickly added more features and capabilities, such as pricing comparisons, offline merchants, gift cards, and so on, to turn it into a one-stop shop for online shopping from sites like Amazon, Flipkart, Ajio, Fab India, Mamaearth, and others. CashCry now offers over 150 offline retailer partners, including Bata, Jawed Habib, and others, with whom clients can obtain discounts. What is the mechanism behind it? Open the CashCry app and go to your favourite shopping site – Flipkart, Amazon, etc. – to do your usual shopping. These websites pay CashCry a referral fee, which it then passes on to the user as cashback.

 

Harshit eventually went on to pursue his academic goals as well, making CashCry his side hustle (he pursued MBA and took up a job). Bhanu is dedicating his entire time to the project. To enhance the business ecosystem in small-town India, the co-founders chose Allahabad as their headquarters. CashCry's business plan is based on affiliate marketing. The payback amount is a percentage of the referral fee the firm receives from e-commerce sites such as Amazon and Flipkart. According to Bhanu, the corporation transfers up to 90% of the money to the buyer and keeps the rest to invest in business support activities.CashCry claims to have completed moreover Rs 3 crore in Gross Merchandise Value (GMV) with a total of 18,000 transactions. According to the inventors, the app has been downloaded over 12,000 times in India. 

So far, they've given out about Rs 8 lakh in cashbacks. CashCry has so far generated Rs 12 lakh in revenue, with plans to increase this figure by a factor of ten by next year According to a survey by the Mobile Marketing Association (MMA) India and media agency GroupM India, as the internet reaches a wider swath of the Indian population, as many as 500 million Indians would be shopping online by 2030, up from the current 150 million. According to the research, India's internet users would increase from 622 million to 900 million by 2025. Consumers are growing more digital as data rates become more accessible, and the online retail sector is expected to triple in the next four to five years.

 

CashCry competes with CashKaro, CouponDunia, Nearbuy, and PaisaWapas, among others. Happy Credit, a Bengaluru-based cashback and incentives firm that rewards consumers on their eCommerce transactions across 50+ merchant platforms through an app is also a rival — especially since it is targeting Bharat.

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