Karbon Card Raises INR 55 Crore in Debt Funding

Karbon Card Raises INR 55 Crore in Debt Funding

By Leandra Monteiro

Karbon Card (Karbon), India’s largest and fastest growing corporate card provider and an emerging neobank for new-era start-ups and SMEs, has raised INR 55 crore as part of of 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 SMEs to have corporate credit cards that they can use as flexible growth capital.

This is the first round of debt the Bengaluru-based company has raised. So far, Karbon has raised approximately $32 million in equity funding from global and renowned investors such as Ycombinator, Ramp and Olive Tree Capital, among others.

Kartik Jain, co-founder of Karbon, said: “We believe that the partnership with these pillars goes a long way in cementing our credibility and our presence in the banking ecosystem of the new era. We will allocate these funds to expand our customer base and become the preferred neo-banking partner for all start-ups and SMEs in India.

Karbon offers four key benefits to start-ups such as credit of up to INR 25 lakh in cash with no personal guarantee or fixed deposit, provides seamless payment transactions through corporate cards to its customers, offers specific rewards start-up requirements such as 12% off AWS Credits or SaaS products. Finally, it allows to offer expense management via WhatsApp in a very intuitive way.

On development, Abhijit Ray, Managing Director of UC Inclusive Credit Private Limited (UCIC) “Karbon, being a new era corporate bank, supports small and medium-sized enterprises (SMEs) and start-ups on their entrepreneurial journey and SME/MSME finance is one of the impact-focused areas identified by the UCIC”.

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