Pune-based fintech OneCard has change into the lastest to grace the lineup of Indian Unicorn startups, because the agency’s newest sequence D spherical closed at $100 Mn, pushing its valuation previous the $1 Bn mark.
The spherical noticed OneCard convey onboard a brand new investor within the type of Singaporean sovereign fund Temasek, who emerged as leaders of the spherical at $48 Mn, adopted by present backers like Sequoia Capital, Ocean View Funding, QED Holdings, Matrix Companions, Hummingbird amongst others.
Based by Vaibhav Hathi, Anurag Sinha and Rupesh Kumar, FPL applied sciences’ product Onecard has change into the second bank card startup to enter the unicorn circle after Slice. Onecard provided customers bank cards in collaboration with banks like Federal Financial institution, IDFC Financial institution, Financial institution of Baroda’s BOB Monetary Options, South Indian Financial institution, and State Financial institution of Mauritius. FPL Applied sciences additionally affords OneScore, a platform to digitally monitor credit score scores and associated insights. In contrast to Slice, OneCard’s goal demographic for his or her steel playing cards are premium prospects with credible credit score scores. The corporate has issued about 2.5 lakh bank cards throughout 12 Indian cities up to now.
Whereas the Reserve Financial institution of India has been cracking down closely on non-banking startups providing credit score strains through PPI devices like stored-value Playing cards, OneCard has remained out of the RBI’s radar, largely attributable to their partnering with a number of established, excessive class banks like IDFC First and Financial institution of Baroda.
With this spherical, the corporate has been valued at $1.4 Bn, a considerable improve from its earlier valuation of $750 Mn, on the finish of its sequence C spherical in January, which the corporate closed at $75 Mn. Whereas the corporate did log a sizeable improve in income for FY21 at INR 16.3 Cr, it additionally noticed a jaw-dropping 423% improve in its bills, totalling as much as INR 49.5 Cr.