OneCard was founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi
Singapore’s Temasek, which is one of the world’s largest investors, led the Pune-headquartered startup’s Series D round of over $100 millio
Anurag Sinha, the newly minted unicorn startup’s co-founder and CEO, had said last month that 200-250 million credit cards will be added in the country
FPL Technologies, an Indian startup that offers customers credit cards under the OneCard brand, is the latest to join the unicorn club following a fresh round of funding.
Singapore-based Temasek, one of the world’s largest investors, led over $100 million in a Series D round of the Pune-headquartered start-up, Onecard disclosed in a filing to the local regulator, according to a TechCrunch report. The new round values OneCard at more than $1.4 billion, up from about $750 million in January this year, the report said.
Existing backers QED, Sequoia Capital India and Hummingbird Ventures were among those who participated in the new round.
Earlier in February 2022, it was reported that investor Temasek was in talks to lead a round of over $100 million in OneCard.
OneCard was founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi and launched its first mobile metal card in 2020. The startup partners with various banks to provide credit cards.
Unicorn startup co-founder and CEO Anurag Sinha said last month that 200 to 250 million credit cards would be added in the country in the next 4-5 years, according to ET.
OneCard competes with the likes of Slice, Uni Card, among others.
More about the company
The startup reportedly distributed over 2.5 lakh cards to its customers, who were spending around $60 million with their cards every month. During FY 2011, OneCard recorded a total revenue of Rs 16.3 crore, of which Rs 10.7 crore came from sales. This was a significant jump compared to FY20, when the startup generated revenue of around Rs 1 crore, according to Inc42.
In FY21, startup expenses reportedly increased by 432% to INR 49.5 crores from INR 9.3 crores in FY15. While employee benefit expenditure was INR 13.2 crores, it spent INR 3.6 crores for card issuance in FY21. The startup incurred a loss of Rs 33.1 crore during the financial year.