Karbon Card raises INR 55 crore in debt finance
By Leandra Monteiro
Karbon Card (Karbon), India’s largest and fastest-growing corporate card provider and an emerging Neobank for the new-age start-ups and SMBs, has raised INR 55 crore in a debt financing round from Northern Arc Capital, UC Inclusive Credit Private Limited and Oxyzo Financial Services Pvt. Ltd.
Karbon would use the funds to empower and enable start-ups and SMBs with corporate credit cards that they can use as flexible growth capital.
This is the first debt round the Bengaluru-based company has raised. So far, Karbon has raised around $32 million in equity from global and marquee investors such as Ycombinator, Ramp, and Olive Tree Capital amongst others.
Kartik Jain, cofounder of Karbon, said, “We believe that partnering with these stalwarts goes a long way in consolidating our credibility and presence in the new-age banking ecosystem. We will be allocating these funds to expand our customer base and become the preferred neo-banking partner for all start-ups and SMBs in India.”
Karbon offers start-ups with four key benefits such as credit of up to INR 25 lakh in cash with no personal guarantee or fixed deposits, provides seamless payments transactions through corporate cards to its customers, offers rewards specific to the start-ups’ requirements such as AWS credits at 12% discount or SaaS products. Lastly, it helps offer expense management through WhatsApp in a very intuitive way.
On the development, UC Inclusive Credit Private Limited (UCIC) Managing Director, Abhijit Ray said, “Karbon being a new age corporate bank is supporting small and medium enterprises (SME’s) and start-ups in their entrepreneur journey and SME/ MSME Finance is one of the impact focused areas as identified by UCIC.”
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