Fintech startup Karbon Card (Karbon) has raised $15 million in a Series A led by Olive Tree Capital, Harmony and Avenir Growth Capital. Existing investors Ramp, Mercury and Orios Venture Partners also participated in the current round.
The startup had raised $12 million in pre-Series A round in September last year. With the current round, the total funding raised by Karbon stands at around $32 million.
The startup, which counts Y Combinator as it’s early backer, will use funds to step up product development, hiring plans and operations as it transitions into India’s first corporate Neobank this year.
Founded by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Sinha, Karbon Card allows entrepreneurs to obtain financing of up to Rs 5 crore with no fixed deposits or personal guarantees, as well as perks such as Amazon Web Series (AWS) credit, cost management through WhatsApp, and frictionless payment transactions using its corporate cards.
The Bengaluru-based firm claims to have surpassed a Rs 500 crore average annual volume run rate on cards, with over 1500 clients such as CRED, Unacademy, MyGate, Pharmeasy, Nazara, BlackBuck and Bizongo.