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OneCard To Secures INR 239.4 Cr From Peak XV Others

The complany has already raised Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of this funding round.

By Ayushi Jain
New Update
OneCard To Secures INR 239.4 Cr From Peak XV Others

Mobile-first credit card startup OneCard is raising Rs 239.4 crore (about $28.5 million) from Better Tomorrow Ventures, Peak XV (formerly Sequoia Capital), and Z47 (formerly Matrix Partners).

This is the first equity investment for OneCard in 2024, although it received debt funding earlier this year in January.

The company’s board has approved issuing 72,048 preference shares at Rs 33,228.3 each to raise Rs 239.4 crore ($28.5 million), according to its filing with the Registrar of Companies (RoC).

Read also - Solarworld Energy Solutions Secured Rs 110 cr in Pre-IPO Placement

The complany has already raised Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of this funding round.

This includes Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Matrix Ventures. The remaining Rs 168 crore is expected to come in later in one or more payments.

According to TheKredible, a startup data platform, OneCard is now valued at Rs 11,747 crore (about $1.4 billion) after this funding. In September 2023, it was reported that the company was aiming to raise $100 million at a flat valuation.

OneCard Offering

OneCard (FPL Technologies) offers co-branded credit cards mainly for first-time users, in partnership with banks like IDFC First Bank, Federal Bank, and SBM Bank. It also has an app called OneScore that helps users track their credit score and manage their credit.

In September 2023, OneCard partnered with Indian Bank to give users complete digital control over their credit card activities, such as real-time transaction tracking, managing spending, and converting purchases to EMIs.

OneCard became a unicorn after raising $100 million in July 2022. It has raised over $350 million so far. According to TheKredible, Peak XV and Z47 hold a combined 40% stake in the company.

About OneCard

OneCard aims to redefine credit cards, which have stayed largely the same for over 50 years. Their team of experts has designed the OneCard app to give users full control over their credit card, including setting limits, redeeming rewards instantly, and more.

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