Carret

Carret is an India-founded crypto savings and trading platform that set out to give retail investors access to the kind of high-yield crypto products previously reserved for institutional players. Founded in June 2021 and headquartered across Bengaluru and Singapore, the company is registered with India's Financial Intelligence Unit (FIU) and operates a mobile app available on both iOS and Android. Since its early retail-focused days, Carret has evolved significantly — its current positioning as a "Global Settlement Infrastructure" signals a deliberate pivot toward serving fintechs, wallets, exchanges, and neobanks as a B2B backbone for stablecoin settlement and cross-border liquidity.

The 24Carret Yield Account

The centerpiece of Carret's retail product is 24Carret, marketed as India's first high-yield crypto savings account. The product allows users to deposit crypto assets and earn up to 17% annual percentage yield (APY) with no lock-in period — funds remain accessible for withdrawal at any time. This combination of high yield and liquidity directly challenged the model of traditional Indian fixed deposits, which offer modest returns alongside inflexible lock-in terms.

The yield is not generated through a single mechanism but distributed across three sources: institutional borrowers who pay to borrow crypto assets, protocol-level staking that earns network rewards, and participation in DeFi ecosystem protocols. This diversification across yield sources was designed to reduce the binary risk of any one mechanism failing while maintaining competitive returns even during volatile market conditions.

Carret's custody partner is Fireblocks, a professional-grade digital asset custodian that provides insurance coverage for assets held in storage, in transit, and against errors and omissions. This institutional-grade backend stands in contrast to the retail-friendly front end — a deliberate choice to make professional infrastructure accessible to everyday investors.

Trading and Investment Features

Beyond the savings account, Carret operates a unified trading platform supporting over 100 cryptocurrencies. The platform aggregates liquidity from multiple partners, allowing users to trade without maintaining accounts across separate exchanges. Portfolio analytics and profit-and-loss reporting are built into the app.

Two features introduced in early 2025 expanded the platform's investment tools. The Systematic Investment Plan (SIP) feature, launched in February 2025, lets users schedule recurring crypto purchases — a format familiar to Indian investors from mutual funds. A SIP cancellation mechanism was added two months later. In August 2025, the app added profile completion tracking and address verification as part of ongoing KYC improvements.

Payment integration covers UPI and Mobikwik, supporting the rupee-to-crypto flow that Indian retail users require. Tax reporting is handled through an integration with BearTax.

Team and Backers

Carret was co-founded by Neha Kumari, who serves as CEO, and Shuja Hussain. Kumari studied at IIT-BHU and Hussain at IIM Ahmedabad — a founder pairing that combined technical depth with business strategy. The company incorporated as CarretX Technologies Private Limited on October 28, 2021.

Investor backing includes names that lend significant credibility to the project. Sandeep Nailwal, co-founder of Polygon, participated in Carret's pre-seed round alongside Yan Wu, a former BlackRock executive, and institutional backer Amesten Capital. Across three rounds through July 2025, Carret has drawn from 18 investors. The July 2025 angel round — the most recent — signals continued external confidence in the platform's direction.

The company operates with 13 employees as of mid-2026, maintaining a lean team relative to its institutional client base, which spans over 50 clients across India, the UAE, and Hong Kong.

Regulatory Standing and Market Context

India's crypto regulatory environment tightened considerably between 2022 and 2024, with mandatory FIU registration, stringent AML and KYC requirements, and a 30% flat tax on crypto gains that chilled retail trading volumes. Carret's FIU registration positions it on the compliant side of this regulatory divide, a meaningful distinction as enforcement against unregistered operators increased.

By early 2026, India had 49 FIU-registered crypto exchanges, with new mandates including live selfie verification, liveness detection, penny-drop bank validation, and geotagging at account opening. Carret's ongoing KYC enhancements visible in app update logs align with this compliance trajectory.

The Indian market context also explains Carret's expansion ambition. With a retail trading base constrained by high taxes and compliance friction, the path to growth runs through institutional clients and cross-border markets. The Middle East and Southeast Asia represent natural expansion corridors given existing Indian diaspora networks and comparatively lighter regulatory burdens.

Pivot to Global Settlement Infrastructure

Carret's Instagram bio — currently reading "Global Settlement Infrastructure" — marks a shift from its original consumer identity. The description describes offering onramp and offramp services, stablecoin settlement, and global liquidity to fintechs, wallets, exchanges, and neobanks, with FIU compliance built in.

This B2B positioning puts Carret in a rapidly growing market. As stablecoins have moved from DeFi primitives to mainstream payment rails — with Visa, Stripe, and Worldpay integrating stablecoin settlement by 2025 — demand for compliant, India-licensed settlement infrastructure has grown. Carret's FIU registration becomes a competitive asset in this context: it allows the company to serve clients who need a regulated Indian counterparty for rupee-denominated on and off ramps.

The shift also reflects a broader maturation pattern among crypto startups that began with retail savings products and found more durable unit economics in B2B infrastructure. Carret's early institutional client base — 50+ clients — provided the proof of concept for this pivot.

Revenue Model

On the retail side, Carret earns a fixed margin deducted from user transaction volumes and retains a share of the guaranteed APY yield provided to 24Carret depositors. The difference between what institutional borrowers pay to borrow assets and what users receive as APY constitutes the spread the company captures.

A planned lending technology subsidiary was referenced in early fundraising materials as a parallel revenue stream, though details on its development have not been made public. The B2B settlement infrastructure business, if it matures, would add a third revenue pillar through transaction and API fees from fintech clients.

Annual revenue remained below ₹10 crore (approximately $1.2 million) as of the financial year ending March 2025 — a figure that reflects both the early stage of the business and the revenue-compressing effect of India's crypto tax environment on retail volumes. The ongoing pivot toward B2B services is best understood as a response to this constraint.

Current Status

As of mid-2026, Carret is an active company with a live consumer app, a growing institutional client roster, and a fresh angel funding round completed in July 2025. Its regulatory footing in India and expanding reach into the UAE and Hong Kong position it at the intersection of two trends: India's emergence as a regulated crypto hub, and the global buildout of stablecoin payment infrastructure. Whether the company successfully executes its transition from retail yield product to B2B settlement platform will determine how consequential its next chapter is.