Fintech startup Karbon on Thursday said it has raised $12 Million in a pre-Series A funding round from investors including US fintech unicorn Ramp, Rainfall Ventures, Roka Works, and Y Combinator, among others. The corporate cards startup expects to use the funds to step up its product development, undertake hiring to double its headcount in the next six months, and bolster its operations.
Karbon plans to use the funds to step up its product development, hiring plans and operations. It expects to double its headcount to 60 over the next six months.
“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 $20 billion market opportunity at present. We are solving a major challenge faced by Indian startups and small businesses while availing corporate cards from the banks that ask for 110% deposit guarantee, personal guarantees and massive amount documentation,” said Karbon’s co-founder and chief executive officer, Pei-fu Hsieh.