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Exclusive: FPL’s OneCard raises $10 Mn led by Alexandria-based QED Fund


Mobile-first credit card OneCard, owned by FPL Technologies, has raised $10 million in its extended Series B round. This is the second infusion in the Pune-based company in the past two months. With this, OneCard has mopped up $35 million in the Series B financing round.

OneCard has allotted preference shares to two new investors QED Fund and Ocean View Investments to raise the sum, regulatory filings show. 

Alexandria-based QED, which primarily invests in early and growth-stage fintech companies, has led the tranche with $7.6 million and California-based Ocean View Investments has put in the remaining $2.4 million.

In February, OneCard had raised $25 million in its Series B round led by Sequoia Capital along with participation from Matrix and Hummingbird Ventures. It had also raised $10 million in its Series A round in August 2020. 

According to Entrackr’s sources, Sequoia is likely to participate in the current round with a sizable investment. “The extended round could translate into a new round as Sequoia is likely to put in $10-15 million more in OneCard,” said one of the sources requesting anonymity. 

Queries sent to Sequoia and FPL didn’t receive an immediate response. We will update the story in case they do.

Fintrackr’s estimates show that OneCard has achieved a post-money valuation of $183 million in the fresh tranche of the Series B round.

Launched by Vaibhav Hathi, Anurag Sinha and Rupesh Kumar, FPL’s flagship product OneCard offers first-time credit card users a virtual as well as a physical card to build a credit score. According to the company’s website, it also offers EMI facility for purchases of Rs 3,000 and above at an interest rate of 1.33% with a repayment tenure of 3-24 months.

OneCard, which competes with all banks that issue credit cards, had earned Rs 1.03 crore as financial income in FY20. According to Fintrackr, the company had not generated any revenue from operations whereas its losses in the fiscal year was recorded at Rs 8.3 crore. 

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