OneCard

Key Highlights:

  • Fintech startup OneCard has become the latest entrant to the unicorn club after it raised about $100 Mn fresh in a Series D funding round.
  • In the funding round, the Pune-based startup OneCard allotted 10 equity shares and 2,68,891 Series D cumulative, non-redeemable mandatorily and fully convertible preference shares to the investors.
  • During FY21, the startup’s expenses soared 432% from INR 9.3 Cr from FY20 to INR 49.5 Cr.

Fintech startup OneCard has become the latest entrant to the unicorn club after it raised about $100 Mn fresh in a Series D funding round led by Singapore’s sovereign fund Temasek, which invested INR 375 Cr.

As per the startup’s regulatory filings, the round saw participation from investors like Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, and Hummingbird.

In the funding round, the Pune-based startup OneCard allotted 10 equity shares and 2,68,891 Series D cumulative, non-redeemable mandatorily and fully convertible preference shares to the investors.

Before six months OneCard had raised $75 Mn in its Series C funding round from QED Investors, an existing investor, at a valuation of $750 Mn. Sequoia, Matrix Partners, and Hummingbird Ventures even participated in the round. Even last year the startup had raised $35 Mn in its Series B round.

OneCard was founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi. The startup launched its first mobile metal card in 2020. OneCard offers Visa credit cards in partnership with banks such as IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and SMB Bank. Additionally, it offers cards to its customers and even offers OneScore – a no-spam, digital credit score platform offering free credit score checks.

To date, the startup has disbursed over 2.5 Lakh cards to its customers. In FY21, OneCard generated revenues of INR 16.3 Cr, of which INR 10.7 Cr came from sales. Compared to FY20, when the startup generated around INR 1 Cr, this was a significant increase.

During FY21, the startup’s expenses soared 432% from INR 9.3 Cr from FY20 to INR 49.5 Cr. In FY21, employee benefit expenses stood at INR 13.2 Cr, but card issuance expenses were INR 3.6 Cr. During the financial year, the startup lost INR 33.1 Cr.

Among its competitors are Slice, Karbon Card, Uni Card, and Kodo Card.

Despite the ongoing funding winter, fintech startups remain popular among investors.

The Indian fintech industry has produced 22 unicorns so far, and OneCard was the latest to join the exclusive club in 2022. This year, Open, Oxyzo, and Yubi (earlier CredAvenue) raised more than $1 billion in funding.

For More Startup and Funding-related News Visit Alphafirm.

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