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Fintech startup OneCard raises Rs. 802 cr to become India’s 104th unicorn

OneCard

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Fintech startup OneCard raises Rs. 802 cr to become India’s 104th unicorn

Investors in the round included Sequoia Capital, Ocean View Investment, and QED Holdings, among others. OneCard is currently worth roughly $1.25 billion, making it a unicorn.

OneCard, a Pune-based fintech business, has become the newest member of the unicorn club after raising around $100 million (about INR 802 crore) in a new investment round. Temasek, Singapore’s sovereign fund, led the latest investment round, which appears to be the startup’s Series D round, and invested INR 375 Cr.

According to the startup’s regulatory filings, investors in the round included Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, and Hummingbird, among others.

Investors in the round included Sequoia Capital, Ocean View Investment, and QED Holdings, among others. OneCard is currently worth roughly $1.25 billion.

OneCard, a Pune-based fintech business, has become the newest member of the unicorn club after raising around $100 million (about INR 802 crore) in a new investment round.

Temasek, Singapore’s sovereign fund, led the latest investment round, which appears to be the startup’s Series D round, and invested INR 375 Cr.

According to the startup’s regulatory filings, investors in the round included Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, and Hummingbird, among others.

In collaboration with institutions such as IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and SMB Bank, the business provides Visa credit cards.

Aside from cards, the firm also provides OneScore, a no-spam, digital credit score platform that provides free credit score checks to its users.

So far, the business has sent over 2.5 lakh cards to its consumers. OneCard recorded total revenue of INR 16.3 Cr in FY21, with sales accounting for INR 10.7 Cr.

This was a considerable increase from FY20, when the firm produced around INR 1 Cr in sales. The startup’s costs increased 432 percent in FY21 to INR 49.5 Cr from INR 9.3 Cr in FY20.

In FY21, it spent INR 3.6 Cr on card issue, while employee benefit expenditures were INR 13.2 Cr. During the fiscal year, the startup lost INR 33.1 crore. OneCard competes with companies such as Slice, Karbon Card, Uni Card, and Kodo Card.

Despite the continuing financing winter, investors continue to favor financial businesses. According to an media analysis, the fintech sector raised $3.4 billion in capital over 159 transactions in the first half of 2022.

So far, India has generated 22 fintech unicorns, four of which, including OneCard, will join the exclusive club in 2022. Earlier this year, Open, Oxyzo, and Yubi (formerly CredAvenue) received money valued at more than $1 billion.

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