Exclusive: OneCard maker FPL Tech scores Rs 183 Cr Series B round

FPL Technologies, the makers of mobile-first credit card OneCard, has raised Rs 183 crore in its Series B round led by existing backer Sequoia Capital, allotting preference shares to three existing venture capitals and two individuals.

Sequoia has infused Rs 133.26 crore followed by Rs 38.7 crore by Matrix and Rs 11 crore by Hummingbird Ventures, regulatory filings show. Individual investors Disha Shah and Hari Velayudan also pumped in Rs 4.4 lakh each in the two-year-old startup. Velayudan is the chief operating officer of FPL’s core offering OneCard and had also invested in the firm’s previous round.

Sequoia and Matrix had led Pune-based FPL Technologies’ $10 million Series A round in August, last year. As per Fintrackr’s estimates, FPL was valued at around $51 million in Series A round and $11.5 million during its seed round but their current valuation couldn’t be ascertained from their latest filing. 

Launched by Vaibhav Hathi, Anurag Sinha and Rupesh Kumar, FPL’s main product OneCard offers first-time credit card users a virtual as well as a physical card to build a credit score. FPL launched its app OneScore for Android and iOS users in June 2020. The apps help users to check and monitor their credit score and credit report.

Unlike a regular plastic credit card, OneCard is a tech-enabled metallic card. As of August 2020, OneCard was available across 12 cities including Mumbai, Delhi, NCR and Bengaluru, and had acquired close to 2 million users on its platform.

For the last two fiscals, FPL has not generated any revenue from operations. According to regulatory filings, the company only earned Rs 1.03 crore as financial income and lost Rs 8.3 crore in FY20. FPL’s OneCard competes with all banks that issue credit cards.