Private Equity

PE Fund Investments

Mobile credit card issuer OneCard raises Rs.95-Cr from Alteria

Entrackr   OneCard  

Pune-headquartered mobile-first credit card startup OneCard has raised INR 95 crore (USD 11.44 million) in debt from Alteria Capital.OneCard will issue to Alteria 9,500 Series B debentures at a price of INR 1,00,000 each. The debentures will have a tenure of 30 months at an interest rate of 13.85% per annum.OneCard (FPL Technologies) offers credit to mostly first-time users and has a credit score tracking cum credit management app called OneScore. It offers co-branded credit cards in collaboration with banks such as IDFC First Bank, Federal Bank, and SBM Bank.The company turned unicorn in 2022 after raising over USD 100 million in a Series D round led by Temasek. Peak XV is the largest stakeholder with 23.27% followed by Matrix Partners India and QED Holdings. The firm’s co-founders, including Anurag Sinha, Vaibhav Hathi, and Rupesh Kumar, cumulatively command 30% stake in the company.