Pei-fu Hsieh, Amit Jangir, Kartik Jain, and Sunil Sinha created the financial firm, which aims to utilize the cash to expand its product development, recruiting plans, and operations.
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Karbon Card funding news
KarbonCard, a fintech company, has secured an unknown sum in growth capital from Y Combinator, according to a press statement issued on Monday.
The money will be used to expand the company’s product design, recruiting plans, and operations, according to the Bengaluru-based firm.
Orio Venture Partner and 2 AM VC, both headquartered in the United States, have contributed $3.5 million to the business thus far. It is in the process of obtaining further funds in the coming months.
Karbon is a small company and startup platform founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain, and Sunil Sinha. It allows entrepreneurs to obtain financing of up to Rs 5 crore with no fixed deposits or personal guarantees, as well as perks such as AWS credits, cost management through WhatsApp, and frictionless payments transactions using corporate cards.
In a news statement, Karbon stated that having the YC label “would help the firm generate more value in the Indian startup ecosystem, and help offset the largest difficulty of convincing entrepreneurs about the viability of a service like Karbon.”
The firm claims to have surpassed a Rs 500 crore average annual volume run rate on cards, with 1500 clients including CRED, Unacademy, MyGate, Pharmeasy, Nazara (which recently went public), BlackBuck, and Bizongo.
Despite the pandemic’s impact on business expenditure, it has increased revenue by 35% month over month. After the RBI barred Mastercard from issuing new credit cards, the firm recently merged with Visa‘s network.
“Karbon Card is a solution that the fast developing Indian startup environment needs. In addition, India has approximately 40 million small and medium companies. Karbon is ideally positioned to take advantage of this vastly underserved market “Karbon Card’s investors include Hershel Mehta, Co-founder of 2 AM VC.
Leading companies such as Brex, which was also fostered by YC, Ramp, and Divvy are among the startup’s rivals.