FPL Technologies-owned OneCard, a fintech startup has raised $100 million in its latest Series D round from Singapore-based Temasek, with participation from existing investors QED, Sequoia Capital, and Hummingbird Ventures.
The $100 million in funding is valued at more than $1.4 billion, making it the latest entrant to the unicorn club according to TechCrunch.
According to the startup’s regulatory filing, it allotted 10 equity shares and 2,68,891 Series D cumulative, non-redeemable compulsory and fully convertible preference shares to investors in the funding round.
In December 2021, it had raised $75 million in its Series C round from QED Investors, an existing investor, at a valuation of $750 million.
The funding comes in the backdrop of the Reserve Bank of India’s action in extending credit lines through non-bank PPI instruments such as digital wallets or stored-value cards.
Pune-based OneCard was founded by Rupesh Kumar, Anurag Sinha, and Vibhav Hathi, its parent company FPL Technologies launched the mobile-first metal credit card ‘OneCard’ in 2019.
It currently serves 12 cities across India including Mumbai, Bengaluru, Delhi and NCR.
Credit cards haven’t changed much for over half a century so at OneCard, their team of seasoned technologists and designers set out to redefine the credit card for- the consumer. Control all aspects of their credit card using the powerful OneCard app -credit limit, instant rewards redemption, and much more.