KarbonCard, a fintech firm, has raised an unknown sum in growth capital from Y Combinator, according to a press statement issued on Monday.
The funds will be used to expand the company’s product development, hiring plans, and operations, according to the Bengaluru-based firm.
Orio Venture Partner and 2AM VC, both based in the United States, have contributed $3.5 million to the firm so far. It is in the process of gathering further funds in the next months.
Karbon startup platform founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain, and Sunil Sinha. It allows entrepreneurs to obtain loans of up to Rs 5 crore with no fixed deposits or personal guarantees, as well as benefits such as AWS credits, expenditure management via WhatsApp, and smooth payments transactions via corporate cards.
Karbon said in the press release that it feels a YC tag “would help the company create more value in the Indian startup ecosystem, and help mitigate the biggest challenge of convincing startups about the existence of a product like Karbon.”