OneCard has secured INR 71.4 Cr ($8.5 Mn) as a part of its bigger funding spherical
US-based enterprise capital (VC) agency Higher Tomorrow Ventures (BTV), Peak XV and Z47 (erstwhile Matrix Companions) might be subscribing to the shares
Throughout OneCard’s board assembly on November 18, its board of administrators permitted the difficulty of the Collection D2 CCPS at a face worth of INR 30 and a premium of INR 33,198.35
Fintech startup OneCard
has secured INR 71.4 Cr ($8.5 Mn) as a part of its bigger funding spherical by way of which it goals to lift INR 239.4 Cr ($28.4 Mn).
In line with the startup’s regulatory filings with the MCA, the corporate is trying to safe the recent capital by issuing 72,048 Collection D2 CCPS.
US-based enterprise capital (VC) agency Higher Tomorrow Ventures (BTV), Peak XV and Z47 (erstwhile Matrix Companions) might be subscribing to the shares. Throughout OneCard’s board assembly on November 18, its board of administrators permitted the difficulty of the Collection D2 CCPS at a face worth of INR 30 and a premium of INR 33,198.35.
As of now, the startup has netted INR 42 Cr from BTV, INR 8.4 Cr from Peak XV and INR 20.9 Cr from Z47.
The event comes after the enterprise debt fund Alteria Capital in January infused INR 120 Cr ($14.4 Mn) into the corporate. Earlier than that, it additionally invested INR 95 Cr ($11.44 Mn) in debt funding in the identical month.
The corporate then famous that it plans to deploy the recent capital for enterprise operations. Moreover, the funds will scale up buyer expertise by creating revolutionary merchandise, incorporating further options and providing personalised options.
Based by Anurag Sinha, Rupesh Kumar and Vibhav Hathi in 2018, OneCard presents a co-branded bank card in partnership with banks resembling Federal Financial institution and Financial institution of Baroda Monetary, amongst others. The platform additionally presents credit score card-related companies resembling credit score rating checks and an expense administration software.
So far, the corporate has raised a complete of $111.41 Mn and it counts Peak XV Companions, QED Holdings and Hummingbird as amongst its marquee backers. The startup entered the unicorn membership in July 2022 after bagging $100 Mn from Temasek.
OneCard competes with the likes of Slice, Karbon Card, Uni Card and Kodo Card, amongst others.
On the monetary entrance, OneCard reported a 6X enhance in its working income within the monetary yr ended March 31, 2023.
The bank card issuer’s working income surged to INR 541.1 Cr within the monetary yr 2022-23 (FY23) from INR 83.7 Cr within the earlier fiscal yr.
OneCard’s loss greater than doubled throughout the yr beneath overview. It reported a web lack of INR 405.6 Cr in FY23, a rise of 122% from INR 182.7 Cr in FY22.