Exclusive: Fintech unicorn OneCard seeks $100 Mn at flat valuation

Mobile-first credit card startup OneCard [FPL Technologies] appears to be close to raising a new round but without any increase in their valuation, said two sources aware of the discussion. If this goes through, it will be the company’s first round this year.

“OneCard is in discussions with new and existing investors to raise up to $100 million in Series E financing,” said one of the sources requesting anonymity. “The talks have reached into an advanced stage and the company is expecting a terms sheet soon but its valuation will hardly change.”

According to sources, the company’s existing backers such as Temasek, Peak XV Partners (formerly Sequoia), QED Holdings and Ocean View Investments will join the round. “It’s also in talks with a couple of new investors who may join the Series E round,” said another source who also requested anonymity. 

OneCard (FPL Technologies) offers co-branded credit to mostly first-time users and has a credit score tracking cum credit management app called OneScore which claims over 80 million users. The company turned unicorn last year after raising over $100 million in Series D round led by Temasek. 

Entrackr had exclusively reported OneCard’s unicorn round in July.

Sources emphasised that OneCard will be valued in the range of $1.5 billion. According to the data intelligence platform TheKredible, it was valued at $1.3 billion in its last round and Peak XV is the largest stakeholder in the Pune-based company.

A Temasek spokesperson told Entrackr, “As a matter of policy, Temasek does not comment on market speculation or rumours.” Peak XV declined to comment. Queries sent to OneCard, QED Holdings and Ocean View Investments didn’t elicit any response. We will update the story in case they respond.

OneCard competes with Tiger Global-backed Slice and Uni which offers co-branded credit cards with SMB Bank. While the company didn’t disclose its FY23 financial numbers, the company ended FY2 with almost 6X growth in its revenue to Rs 88 crore and Rs 183 crore losses.