Fintech Startup OneCard Aims To Get INR 239.4 Cr From Investors Peak XV and Others

Manvendra HadaNovember 26, 2024

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Three points you will get to know in this article:

OneCard secured INR 71.4 crore ($8.5 million) as part of a larger funding round.
US-based venture capital (VC) firm Better Tomorrow Ventures (BTV), Peak XV, and Z47 (formerly Matrix Partners) will subscribe to the shares.
On November 18, OneCard’s board of directors approved the issuance of the Series D2 CCPS with a face value of INR 30 and a premium of INR 33,198.35

OneCard Plans for Raising INR 239.4 Cr ($28.4 Mn), Secures INR 71.4 Cr ($8.5 Mn) as First Tranche

OneCard, a fintech firm, has secured INR 71.4 crore ($8.5 million) as part of a bigger investment round in which it hopes to raise INR 239.4 crore ($28.4 million).

Founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard provides a co-branded credit card in collaboration with banks such as Federal Bank and Bank of Baroda Financial, among others. The portal also provides credit card-related services including credit score checks and a cost management software.

According to the startup’s regulatory filings with the MCA, the company plans to raise further capital by issuing 72,048 Series D2 CCPS.

Investors Aiming Investments in OneCard

Better Tomorrow Ventures (BTV), Peak XV, and Z47 (formerly Matrix Partners) will subscribe for shares. During OneCard’s board meeting on November 18, its directors approved the issuance of the Series D2 CCPS with a face value of INR 30 and a premium of INR 33,198.35.

As of now, the startup has received INR 42 crore from BTV, INR 8.4 crore from Peak XV, and INR 20.9 crore from Z47.

The development comes after Alteria Capital, a venture debt firm, invested INR 120 crore ($14.4 million) in the company in January. Previously, it invested INR 95 crore ($11.44 million) in debt finance in the same month.

OneCard’s Expansion Plans, Total Funding

The company then stated that it intends to use the new funds for commercial activities. Furthermore, the funding will improve the consumer experience by producing novel products, adding new features, and providing tailored solutions.

To date, the company has raised $111.41 million and counts Peak XV Partners, QED Holdings, and Hummingbird among its major supporters. The firm joined the unicorn club in July 2022, after receiving $100 million from Temasek.

OneCard’s Competitors, Profit, Revenue

OneCard competes with brands such as Slice, Karbon Card, Uni Card, and Kodo Card, among others.

On the financial front, OneCard announced a 6X increase in operational revenue for the fiscal year ending March 31, 2023.

The credit card issuer’s operating revenue increased to INR 541.1 crore in fiscal year 2022-23 (FY23) from INR 83.7 crore the previous year.

The loss of OneCard more than doubled during the fiscal year under review. It posted a net loss of INR 405.6 crore in FY23, up 122% from INR 182.7 crore in FY22.