FPL Technologies Pvt Ltd, the company behind credit card platform and fintech unicorn OneCard, is raising a total of $28.5 million (around Rs 240 crore) in a bridge funding round.
San Francisco-based venture capital firm Better Tomorrow Ventures has joined the cap table in the latest round with existing investors Peak XV Partners and Z47 (the erstwhile Matrix Partners India) also chipping in, news website Entrackr reported, citing OneCard’s filings with the Registrar of Companies.
Better Tomorrow made an initial investment of about $5 million while Peak XV invested about $1 million and Z47 put in $2.5 million, the report said. OneCard plans to mop up the remaining amount in one or more tranches.
With this funding, the company is valued at $1.4 billion. The Pune-based company attained the ‘unicorn’ status – a privately held company with a valuation of $1 billion or more - in 2022 when it was valued around $1.2 billion. At the time, the company had raised $100 million in a Series E round from Singapore state investment firm Temasek Holdings, QED Investors, Ocean View Investment, and Peak XV.
The company has raised more than $350 million in funding since it was founded by Anurag Sinha, Rupesh Kumar, and Vaibhav Hathi in 2019. The company began its operations as a digital credit score platform, OneScore. It initially used to provide free credit score checks and personalised insights to customers. But in June 2020, the company rolled out its mobile-first metal credit card without any joining fee or annual fee. It offers these credit cards in partnerships with several lenders including Bank of Baroda, IDFC First Bank, Federal Bank, and SBM Bank.
The company’s net losses expanded to Rs 406 crore in FY23 from Rs 183 crore in the previous financial year, due to higher spending on employees and marketing. Revenue from operations rose to Rs 541 crore in FY23 from nearly Rs 84 crore the year before.
