Pune-based fintech startup OneCard has secured nearly $76 million in a new round led by Delaware-based QED Fund. The Mobile-first credit card company.
QED Fund, one of the OneCard’s existing investors, poured in $26.8 million (Rs 199.5 crore), Sequoia Capital India and Ocean View Investment invested about $1.8 million and $8 million respectively.
According to regulatory filings, OneCard’s parent FPL Technologies has approved the allotment of 238 equity shares and 3,26,663 Series C preference shares at an issue price of Rs 17,285.3 per share to raise Rs 565.05 crore or $75 million.
Founded in 2018 by Rupesh Kumar, Anurag Sinha, and Vibhav Hathi, FPL Technologies is a fintech firm is a fast growing fintech startup based out of Pune. In June 2019, the trio launched OneScore, an app to check and monitor credit scores. It is the only app in India that helps consumers improve their credit score via an AI-based score planner
OneCard’s post-money valuation rose to $722 million after the latest fundraise. This is a four-fold jump in OneCard’s valuation which was valued at around $183 million in its second tranche of Series B round during April this year.The startup raised $35 Mn in its Series B funding earlier this year. In 2020 OneCard had raised $10 Mn in funding from Sequoia India, Matrix Partners India and Hummingbird Ventures.
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The scoring platform is widely popular and has acquired more than 7 million users within just two years of its launch.According to ResearchAndMarkets, the Indian credit card industry is expected to grow at a CAGR (Compound annual growth rate) of more than 25 per cent during 2020 – 2025 owing to the growing trend of ”buy now pay later”.
