Karbon Card, which offers a corporate card for startups in India, has reportedly raised $1m in its seed stage.
The investment was led by India-based seed investor Orios Venture Partners and was joined by a number of unnamed angel investors, according to a report from YourStory.
Proceeds from the round have been earmarked for expanding the team and enhancing its product, the article stated.
Karbon Card provides entrepreneurs in India with an interest-free corporate credit card, which has no annual fees, no need of a personal guarantee, no fixed deposit and can be approved within 24 hours. The card also offers a selection of rewards for customers including money off flights, discounts on various products and more.
Earlier in the month, electronic payment infrastructure developer Juspay collected $21.6m in its Series B round, which was led by Bermuda-based venture capital firm Vostok Emerging Finance.
There have been a number of large funding rounds in India this year. Navi Technologies, which develops consumer-centric technology for the banking space, recently raised around $394.2m in a funding round which was led by Flipkart co-founder Sachin Bansal.
Since 2015, India FinTech sector has grown at a compound annual rate of 19.1% for FinTech investments between 2015 and 2019. There was a total of $5.1bn invested into Indian FinTech startups in 2019, alone.
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