Y-Combinator Backed Fintech Startup Karbon Card Raises $15M In Funding
Fintech startup Karbon Card has raised $15 million in a Series A round led by Olive Tree Capital, Harmony and Avenir Growth Capital. The funding round also saw participation from existing investors, including Ramp, Mercury, and Orios Venture Partners.
As per the startup, the funds from the new round will be put to foray into the corporate neobanking space, ramp up its product development, and hire people.
Karbon Card | Business Credit Card
Founded by Amit Jangir, Pei-fu Hsieh, Kartik Jain, and Sunil Sinha in 2019, Karbon Card is a business credit card for India’s corporate leaders, entrepreneurs, business owners and finance leaders. The Y-Combinator backed startup enables startups to access credit of up to Rs 5 crore with no fixed deposits or personal guarantee, offers rewards, such as AWS credits, expense management via WhatsApp, and seamless payments transactions through corporate cards, among others.
Speaking about the development, Amit Jangir, Co-founder of Karbon Card, said,
“We are extremely delighted to close our Series A because it means we now have the resources to build an even more compelling product and service for all our current and future customers.”
The fintech startup counts CRED, BlackBuck, Unacademy, MyGate, Pharmeasy, and Nazara Technologies, among its 2,000 customers. As per the startup, in 2021, its gross transaction value was $30 million. Now, the startup hopes to grow its GTV to $200 million per month in 2022.
Karbon Card had raised $12 million in its pre-Series A round in September from Ramp, Rainfall Ventures, Roka Works, and Y Combinator. And including this funding round, Karbon Card has raised $32 million in total funding.
Nick Eliovits, Managing Partner of Olive Tree Capital, said,
“The adoption for corporate cards in India is still nascent compared with developed markets, and as the market leader, we expect Karbon to introduce corporate cards to tens of thousands of Indian companies in the near term and beyond.”
Need legal assistance for your startup? Just contact us.
Follow us and connect with us on Instagram, Facebook, Twitter and LinkedIn.