23. September.2021 – Bangalore-based KarbonCard, a fintech startup, announced that it raised USD 12 Million in a pre-Series A round. The funding round was co-led by Ramp, a US-based fintech unicorn; California-based Rainfall Ventures, Y Combinator and Roka Work with some others.
KarbonCard is a corporate card startup that expects to utilize the fund to increase its product development and hire double its headcount in the upcoming six months and boost its operation.
Words from the investors –
“We are impressed with what Karbon has built so far and are looking forward to seeing them deliver more value for Indian SMBs and startups,” said Karim Atiyeh, Co-founder and CTO at Ramp.
About KarbonCard –
Initiated by Amit Jangir, Jianwei Chen, Pei-fu Hsieh, Sunil Kumar, Kartik Jain and Bo Li. The startup offers a business credit card for SMEs and startups. It let the customers get corporate credit cards within 24 hours with any fixed deposit or guarantees.
The corporate card provided by the startup is no different from a credit card, just has some different functionalities. It is launched with a partnership with other banks to provide new startups financial support.
KarbonCard claims that it crossed the USD 68.5 Million (INR 500 crore approx.) annual volume rate of cards. It has Unacademy, Pharmeasy, Cred, Nazara (IPO recently), Bizongo Blackbuck, and MyGate among its 1000+ customers.
Previously, this year KarbonCard raised USD 1.2 Million in pre-Series A funds. The funding round was led by Orios Ventures Partners with the participation of MyAsiaVC.
Last year in March 2020 Karbon closed a funding round and raised USD 2 Million with the investors like Whiteboard Capital, Orios Venture Partners, and angel investors like Kunal Shah, founder, CRED, Amrish Rau and Jitendra Gupta, founder, Jupiter.
“Excited to be partnering with Ramp, the global corporate card leader, to build the most customer-centric card platform for Indian startups and SMBs with a USD 20 billion market opportunity at present,” said Karbon’s Pei-fu Hsieh.
KarbonCard said it has grown its revenue 30% every month, despite the pandemic that dented corporate spending. It expects 35 % consistent growth in the next 8-12 months, it added.
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