OneCard joins the Unicorn Club as its 104th member

Less than a month after we at Jobaaj reported about Leadsquared turning into a unicorn, we are proud to introduce OneCard, the 104th member of the Indian Unicorn Club.

FPL Technologies, the parent company of OneCard was founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vaibhav Hathi. It launched its first mobile metal card in 2020. The startup offers Visa credit cards in collaboration with banks such as IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and SMB Bank. The startup also has another service called OneScore- a free digital credit score check platform.

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OneCard is reported to have issued 2.5 lakh cards to date. The startup reported a loss of Rs 33.1 crores during FY21 as revenues for the year came in at Rs 16.3 crores, up 1500% YoY, while its expenses for the year was Rs 49.5 crores.

The Pune-based startup raised about $100 million in its Series D funding at a valuation of $1.4 billion. This round was led by Singapore's sovereign fund Temasek and also saw the participation of Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, Hummingbird & others. The company issued 2,68,891 Series D cumulative, non-redeemable mandatorily, and fully convertible preference shares in the round.

The promoters have a holding of 29.99% in the company today. The company had raised $35 million a year ago in its Series B round, and $75 million in a Series C round six months ago. It was valued at $750 million at the time.

This funding round makes OneCard the 22nd Fintech startup from India, fourth in H1CY22 as investors continue to favor fintech startups in the existing funding winter. Indian Fintechs have reportedly raised $3.4 billion in H1CY22.

Article by Aman Agarwal.

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