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OneCard Raises ₹239.4 Crore: What’s Next for India’s $1.4 Billion Fintech Unicorn?

OneCard, India’s mobile-first credit card platform, has raised ₹239.4 crore ($28.5 million) in equity funding from leading investors Better Tomorrow Ventures, Peak XV Partners, and Z47. This marks the company’s first equity investment in 2024, boosting its valuation to $1.4 billion.

The funding comes as a significant milestone for OneCard, which achieved unicorn status in 2022. The investment is expected to strengthen its partnerships and expand its digital credit offerings.

OneCard’s board has approved the issuance of 72,048 cumulative preference shares at ₹33,228.3 per share, as per regulatory filings. Here’s how the funding is structured:

  • ₹42 crore from Better Tomorrow Ventures
  • ₹21 crore from Z47
  • ₹8.4 crore from Peak XV Partners

The remaining ₹168 crore will be disbursed in multiple tranches over the coming months, allowing the company to enhance its product suite and reach new customer segments.

Operating under FPL Technologies, OneCard has shown impressive growth despite rising operational challenges:

  • Revenue Surge: FY23 revenue increased six times to ₹593 crore, up from ₹97.8 crore in FY22.
  • Mounting Losses: Losses also grew by 2.2X, reaching ₹405.6 crore in FY23.

The company’s flagship product, a co-branded credit card, caters to first-time users in partnership with banks like IDFC First Bank, Federal Bank, and SBM Bank. Complementing its card is the OneScore app, which allows users to monitor credit scores and manage credit activities.

Having raised over $350 million to date, OneCard first achieved unicorn status in July 2022 after securing $100 million in funding. Investors Peak XV and Z47 now hold a combined 40% stake, reflecting their confidence in the fintech’s long-term growth potential.

With this funding, OneCard aims to:

  1. Strengthen collaborations with banking partners.
  2. Introduce innovative digital credit products.
  3. Expand its presence across new customer segments and geographies.

The strategic infusion of capital positions OneCard to capitalize on India’s burgeoning fintech ecosystem, characterized by growing credit card adoption and digital finance penetration.

As OneCard scales its operations and innovates its offerings, its latest funding round signals investor confidence in the platform’s potential to reshape digital credit experiences in India.

Credit: This article is based on information from Entrackr, TheKredible, and RoC filings.

Key Highlights:

  1. OneCard raised ₹239.4 crore ($28.5 million) in equity funding from Better Tomorrow Ventures, Peak XV, and Z47, boosting its valuation to $1.4 billion.
  2. The funding will be disbursed in tranches, with ₹71.4 crore already secured.
  3. Despite FY23 revenue growing six-fold to ₹593 crore, losses also surged to ₹405.6 crore.
  4. The funding positions OneCard to expand its partnerships and innovate digital credit products.
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