This is Karbon Card’s first debt finance round. It has so far raised $32 Mn (about INR 240 Cr) since its inception in 2019
The startup raised $15 Mn in February 2022 in a Series A round led by Olive Tree Capital, Harmony and Avenir Growth Capital
It currently offers corporate cards and expense management solutions to more than 2,000 startups and SMBs
Bengaluru-based fintech startup Karbon Card has raised INR 55 Cr in a debt financing round from Northern Arc Capital, UC Inclusive Credit (UCIC) and Oxyzo Financial Services.
Karbon would use the funds to empower and enable startups and small and midsize businesses (SMBs) with corporate credit cards which they can use as flexible growth capital, it said in a statement.
UCIC, incubated by Unitus Capital, is an impact focussed Non-Banking Financial Company registered with the Reserve Bank of India (RBI), while Oxyzo is the lending arm of OfBusiness and is backed by SoftBank.
This is the first debt round raised by the startup….