GalaxyCard, which offers instantly approved credit cards, said it has raised seed funding from a clutch of investors including micro-venture capital firm Samyakth Capital.
Gopinath Latpate, executive director at real estate services firm JLL, and angel investors from Eaglewings Ventures Alliance Network also pooled in capital in this funding round, GalaxyCard said in a statement. It did not disclose financial details of the transaction.
The company, which is operated by GCT Technologies Pvt. Ltd, will use the fresh capital to expand its customer base. It said it currently has customers in 600 towns across the country.
Amit Kumar, founder of GalaxyCard, said the company focuses on making credit cards available to customers with an income of less than 30,000 per month. The company also aims to launch a premium version of the card.
The startup, which was founded in 2018, said that credit cards can be made available within three minutes after furnishing official documents. The cards can be used to pay utility bills and phone bills and also be used at roadside stalls.
A bunch of other startups in the broader fintech space have raised early- and growth-stage funding during the coronavirus pandemic.
For instance, Razorpay raised $100 million last month in a new funding round that catapulted the online payment gateway provider to the famed unicorn group of startups with a valuation of at least $1 billion.
Uni, a fintech startup in stealth mode co-founded by former PayU India CEO Nitin Gupta, raised $18.5 million in its seed funding round led by Lightspeed and Accel in October.
Also last month, Dukaan attracted $6 million in a seed funding round from a clutch of institutional and individual investors.
VCCircle reported last month that Picus Capital GmbH, a global early-stage investor co-founded by Rocket Internet co-founder Alexander Samwer, is making a move in India’s growing financial-technology segment by investing in a housing-focussed startup.