OneCard raises $75 Mn at over $720 Mn valuation

The first credit card company OneCard has raised $ 75 million in a new round led by an existing QED Fund investor. The Pune-based company has already raised $ 35 million in two installments in its Series B-led round of Sequoia and QED Fund in 2021.

OneCard parent FPL Technologies authorized the allocation of 238 shares and 3,26,663 Series C shares with the issuance of Rs 17,285.3 per share to collect Rs 565.05 crore or $ 75 million, indicating the enactment of the rules.

The QED Fund came out on top in this cycle with Rs 207.3 crore followed by INVOPPS FT21 LLC, Sarv Investments, and Ocean View Investment which invested Rs 191.8 crore, Rs 75.3 crore, and Rs 60.23 respectively. Sequoia and Matrix invested Rs 13.55 crore each while Hummingbird invested Rs 3.01 crore.

Entrackr specifically reported on the OneCard financial cycle coming up in October. According to sources, the company could raise extra money for this round.

According to Fintrackr estimates, OneCard has taken a new round of $ 722 million in the backlog. This is a fourfold increase in the OneCard value of $ 183 million in its second Series B round of April this year.

Following the allocation of new shares, the founders of OneCard – Vaibhav Hathi, Anurag Sinha, and Rupesh Kumar – the combined balance was reduced to 32.61%.

OneCard provides credit card users for the first time with a visual, mobile-based card to create credit points. It also empowers a monthly equity installment (EMI) to purchase Rs 3,000 and more at an interest rate of 1.33% with a payment period of 3-24 months.

Currently, OneCard offers its services in all 12 cities including Mumbai, Delhi, NCR, and Bengaluru. Compete with the likes of Slice and Uni. While Slice recently became a unicorn after a $ 220 million round, Uni raised the second-largest Serie A round with the Indian startup in terms of funding.

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