PE Fund Investments
Mobile credit card issuer OneCard raises Rs.239-Cr led by Better Tomorrow Ventures
Entrackr Economic Times OneCard
Pune-headquartered mobile-first credit card startup OneCard has raised INR 239.4 crore (USD 28.5 million) in a round led by Better Tomorrow Ventures at USD 1.1 Billion valuation. The round also saw participation from existing investors Z47 (formerly Matrix Partners) and Peak XV Partners.The company has already received INR 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Z47 as part of the fundraising. Better Tomorrow Ventures has invested INR 42 crore, Z47 around INR 21 crore and Peak XV around INR 8.4 crore.OneCard (FPL Technologies) offers credit to mostly first-time users and has a credit score tracking cum credit management app called OneScore. The company offers co-branded credit cards with Federal Bank, Bank of Baroda, South Indian Bank and CSB among others.
Between July-19 and Jul-22, OneCard had raised about USD 215 M from QED Investors, Hummingbird Ventures, Z47, Peak XV Partners, Temasek, DMI Group, others. This excludes the USD 11.44 debt funding raised from Alteria Capital on Jan-24.For FY23, OneCard had reported about INR 541.16 Cr in Operating Income and about INR 405.66 Cr in Net Loss.
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