After updating the Joomla, I was getting Fatal error: Class 'JCache' not found in /libraries/joomla/factory.php on line 286 on site as well as on Administration panel.
Solution -
I have deleted the cache.php file from libraries/cms/ and problem resolved!
Note - Though you will install the fresh Joomla, still cache.php used to get added so you will have to remove that file.