FPL Technologies-owned OneCard closed its Series D funding round of over $102 million led by Singapore-based Temasek Holdings (via MacRitchie Investments). The mobile-first credit card brand is now valued at over $1.4 billion.
Temasek invested around Rs 375 crore ($48 million as per dollar rates on July 13). Matrix Partners, QED Investors, Hummingbird Ventures, Sequoia Capital, and Sarv Investments also participated in this round, as per regulatory filings assessed by Moneycontrol.
Post this round, the promoters will continue to hold a 29.99 percent stake in the start-up. The company had last raised $75 million in a Series C round in January this year at a post-money valuation of $750 million. The round was led by QED Investors.
OneCard, founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi, launched its first mobile metal card in 2020. The startup offers Visa credit cards in partnership with banks such as IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and SMB Bank. Apart from offering cards to its customers, the startup also offers OneScore – a no-spam, digital credit score platform offering free credit score checks.
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While OneCard’s competitors in this space would be brands like Slice, Uni, Indiabulls Dhani, and PayU’s LazyPay, the company had maintained that it doesn’t offer Buy Now Pay Later solutions.
The startup has disbursed over 2.5 Lakh cards to its customers so far. During FY21, OneCard reported a total revenue of INR 16.3 Cr, of which INR 10.7 Cr came from sales. This was a significant jump compared to FY20, when the startup generated around INR 1 Cr in revenue.
QED Investors invested around $19.7 million, Ocean View Investment invested $19.23 million, Sarv Investments put in around $14.42 million, Matrix Partners invested $240,279, Sequoia Capital invested over $961,500, and Hummingbird Ventures invested $240,279 respectively.
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