Wednesday, November 29, 2023

OneCard join Unicorn club, raises over $102 Mn led by Temasek Holdings


OneCard’s parent FPL Technologies closed its Series D funding round of over $102 million led by Singapore-based Temasek Holdings (via MacRitchie Investments).

Mobile-first credit card startup OneCard has entered in unicorn club with over $102 million in Series D rounds from existing and new investors. This is the second round of funding for the firm in the past seven months.

OneCard has become the 104th unicorn of India and 19th in the ongoing calendar year (2022). The company also turned out to be the second unicorn in the credit card challenger space after Slice.

Slice’s losses jumped 394 percent to Rs 8.9 crore in FY21

Temasek invested around Rs 375 crore ($48 million as per dollar rates on Wednesday). Matrix Partners, QED Investors, Hummingbird Ventures, Sequoia Capital, and Sarv Investments also participated in this round, as per regulatory filings assessed by Moneycontrol.

Post this round, promoters will continue to hold about a 29.99 percent stake in the start-up.

OneCard allotted 268,891 shares worth Rs 29,833.62 per share.

The company had last raised $75 million in a Series C round in January this year at a post-money valuation of $750 million. The round was led by QED Investors. had reported about this round with exact details on July 4.

About OneCard

OneCard’s (FPL Technologies Ptv. Ltd) was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2019. While OneCard’s competitors in this space would be brands like Slice, Uni, Indiabulls Dhani, PayU’s, and LazyPay, OneCard had maintained that it doesn’t offer Buy Now Pay Later solutions. It offers a co-branded credit card with banks and offers it only to customers with credit history.

During FY19 and FY20, OneCard’s parent FPL Technology did not record any revenue from operations but it managed to post Rs 10.78 crore topline in FY21. Its losses soared 4.3X to Rs 33.15 crore in the fiscal year ending March 2021, as per its annual financial statement filed with RoC.

Ankush Kumar
Ankush Kumar
Ankush Kumar is the Founder of Market Money. He is an expert in Banking and Finance. He has appeared in B.Com (Banking & Finance) From Govt. College in Lucknow.

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