SUMMARY
- OneCard raises $28.5 million from Better Tomorrow Ventures, Peak XV, and Z47, boosting its valuation to $1.4 billion.
- The Pune-based startup offers co-branded credit cards and saw six-fold revenue growth in FY23 to Rs 593 crore.
- The latest funding includes Rs 71.4 crore already secured, with the rest expected in tranches.
Mobile-first credit card platform OneCard has raised Rs 239.4 crore ($28.5 million) from leading investors Better Tomorrow Ventures, Peak XV (formerly Sequoia Capital), and Z47 (formerly Matrix Partners). The investment marks OneCard’s first equity funding of 2024, following its debt funding round in January.
The board of OneCard has approved a special resolution to issue 72,048 cumulative preference shares at an issue price of Rs 33,228.3 per share. Regulatory filings accessed from the Registrar of Companies (RoC) confirm this funding round.
Breakdown of Funding
Of the total $28.5 million raised, Rs 71.4 crore has already been secured in the following breakdown:
- Rs 42 crore from Better Tomorrow Ventures
- Rs 21 crore from Z47
- Rs 8.4 crore from Peak XV
The remaining Rs 168 crore will be disbursed in one or more tranches in the coming months.
Post-allotment, OneCard’s valuation has climbed to Rs 11,747 crore ($1.4 billion), as per data from TheKredible. The company previously aimed to raise $100 million at a flat valuation, according to earlier reports from Entrackr.
OneCard operates under FPL Technologies, specializing in co-branded credit cards tailored for first-time users in partnership with banks such as IDFC First Bank, Federal Bank, and SBM Bank. Its complementary app, OneScore, enables users to track their credit scores and manage credit interactions.
In FY23, OneCard reported a six-fold increase in operating revenue, reaching Rs 593 crore, up from Rs 97.8 crore in FY22. However, losses surged by 2.2X to Rs 405.6 crore during the same period. The firm has yet to disclose its annual results for FY24.
- OneCard became a unicorn in July 2022 after raising $100 million in funding.
- To date, the company has raised over $350 million.
- Investors Peak XV and Z47 collectively control a 40% stake in OneCard, according to TheKredible.
With this funding, OneCard is poised to enhance its offerings, further strengthen its partnerships, and expand its digital credit ecosystem.
