Mobile-first credit card startup OneCard is raising Rs 239.4 crore or $28.5 million from Better Tomorrow Ventures, Peak XV (previously Sequoia Capital), and Z47 (previously Matrix Partners).
While this is the first equity investment for the Pune-based company in 2024, it received debt funding in January this year.
The board at OneCard has passed a special resolution to issue 72,048 cumulatively preference shares at an issue price of Rs 33,228.3 per share to raise Rs 239.4 crore or $28.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows.
According to the filings, the company has already secured Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of the above-mentioned fundraising. The breakdown includes Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Matrix Ventures. The remaining Rs 168 crore is expected to be received by OneCard in one or more tranches.
As per the startup data intelligence platform TheKredible, OneCard has been valued at around Rs 11,747 crore or $1.4 billion post-allotment. In September 2023, the Bengaluru-based company was seeking $100 million at flat valuation.
OneCard (FPL Technologies) offers co-branded credit cards to mostly first-time users with banks such as IDFC First Bank, Federal Bank, and SBM Bank. It has a credit score tracking cum credit management app called OneScore. In Sept 2023, the firm announced its partnership with Indian Bank to empower users with full digital control over their credit card interactions such as real-time transaction tracking, spending management, and EMI conversion, among others.
On the revenue front, OneCard managed over six-fold year-on-year growth in FY23 as its operating revenue soared to Rs 593 crore in FY23 from Rs 97.8 crore in FY22. At the same time, its losses also spiked 2.2X to Rs 405.6 crore in FY23. It has yet to file its annual results for FY24.
