Debt financing
App-based credit card issuer OneCard to raise Rs.40-Cr from Alteria
Pune-based mobile-first credit card startup OneCard has raised INR 40 crore in debt from existing investor Alteria Capital. This financing was structured through the issuance of 4,000 non-convertible debentures (NCDs), each with a face value of INR 1 lakh. The debentures carry an interest rate of 13.85% per annum and have a tenure of three years.Founded in 2019 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard, operating as FPL Technologies, provides mobile-first co-branded credit cards, primarily targeting first-time users by partnering with financial institutions such as IDFC First Bank, Federal Bank, and SBM Bank. Additionally, OneCard offers OneScore, an application designed for credit score tracking and credit management.
Between Jul 2019 and Nov 2024, OneCard had attracted about USD 255 M from Peak XV Partners, Z47, DMI Group, Hummingbird Ventures, QED Investors, Temasek, Alteria Capital, Better Tomorrow Ventures and others.For FY24, OneCard had reported about INR 1,426 Cr in Operating Income and about INR 401 Cr in Net Loss.
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