PE Fund Investments
Credit score provider OneScore raises $75-M from QED Fund, others
Pune-based FPL Technologies, which offers mobile app-based credit score service under the brand OneScore and a credit card under the brand OneCard, has raised USD 75 million in a new round led by existing investor QED Fund. FPL will allot 238 equity shares and 3,26,663 Series C preference shares at an issue price of INR 17,285.3 each to raise INR 565.05 crore, or USD 75 million. QED Fund has led the round contributing INR 207.3 crore followed by INVOPPS FT21 LLC, Sarv Investments and Ocean View Investment which have put in INR 191.8 crore, INR 75.3 crore and INR 60.23 crore, respectively. Sequoia and Matrix have invested INR 13.55 crore each, whereas Hummingbird has put in INR 3.01 crore. The startup has raised the fresh round at a post-money valuation of USD 722 million. This is a four-fold jump from its USD 183 million valuation in the second tranche of Series B round in April 2021. (Earlier in 2021, it had raised USD 35 million - across two tranches - in the Series B round led by Sequoia Capital India and QED Fund.) Following the allotment of fresh shares, FPL founders' collective stake has been diluted to 32.61%.
From the Venture Intelligence PE-VC Deal Database: Between Jul-19 and Jan-21, OneScore, which has launched OneCard, raised $39.5 M from Hummingbird Ventures, Matrix Partners India, Sequoia Capital India, DMI Group, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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