Venture financing fund Alteria Capital has provided INR 95 Cr ($11.44 Mn) in debt funding to fintech unicorn OneCard.
According to regulatory filings, the OneCard board has approved a special resolution to issue 9,500 non-convertible debentures (Series B Debentures) with a face value of INR 1,00,000 in order to raise INR 95 Cr, as reported by Inc42.
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OneCard (FPL Technologies) has a system for credit score tracking/credit management software called OneScore, and it provides jointly branded credit to primarily first-time users.
The corporation intends to put the newly acquired capital to use in the operations of the business.
About OneCard
OneCard, which was founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, provides a credit card with a joint brand in collaboration with banks, including Federal Bank and Bank of Baroda Financial. Additionally, the platform provides services relating to credit cards, like an application for managing expenses and a credit report check.
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