Exclusive: OneCard raises $75 Mn at over $720 Mn valuation

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

OneCard’s parent FPL Technologies has approved the allotment of 238 equity shares and 3,26,663 Series C preference shares at an issue price of Rs 17,285.3 per share to raise  Rs 565.05 crore or $75 million, regulatory filings show.

QED Fund has spearheaded the round with Rs 207.3 crore followed by INVOPPS FT21 LLC, Sarv Investments and Ocean View Investment which have put in Rs 191.8 crore,  Rs 75.3 crore and Rs 60.23 crore respectively. Sequoia and Matrix have invested Rs 13.55 crore each whereas Hummingbird has put in Rs 3.01 crore.

Entrackr had exclusively reported about OneCard’s upcoming financing round in October. As per sources, the company may raise more funds in this round.

According to Fintrackr’s estimates, OneCard has picked up the fresh round at a post-money valuation of $722 million. This is a four-fold jump in OneCard’s valuation which was valued at around $183 million in its second tranche of Series B round during April this year.

Following the allotment of fresh shares, OneCard’s founders – Vaibhav Hathi, Anurag Sinha and Rupesh Kumar – collective equity has been diluted to 32.61%.

OneCard offers first-time credit card users a virtual, cellphone-based card to build a credit score. It also enables an equated monthly instalment (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.

Currently, OneCard offers its services across 12 cities including Mumbai, Delhi, NCR, and Bengaluru. It competes with the likes of Slice and Uni. While Slice recently turned unicorn after a $220 million round, Uni had raised the second-largest Series A round by an Indian startup in terms of equity financing.