OneCard, a mobile-first credit card startup based in Pune, is set to secure ₹239.4 crores (approximately $28.5 million) in a fresh funding round led by Better Tomorrow Ventures, Peak XV Partners, and Z47, according to an exclusive report by Entrackr.
This is the company’s first equity raise in 2024, following a debt funding round earlier in January of this year.
The funding round will involve the issue of 72,048 preference shares priced at ₹33,228.3 each, as per filings from the Registrar of Companies (RoC).
Of the total amount, ₹71.4 crore has already been received from the investors, while the remaining ₹168 crore will be received in subsequent tranches.
After the allotment, the company’s valuation stands at approximately ₹11,747 crore (around $1.4 billion).
Founded by Anurag Sinha, Rupesh Kumar, and Vibhav Kirit Hathi in 2019, OneCard offers co-branded credit cards tailored for first-time users. The company collaborates with banks such as IDFC First Bank, Federal Bank, and SBM Bank to provide users with credit cards.
It operates OneScore, a credit management app designed to help users manage and improve their credit scores.
Recently, OneCard partnered with Indian Bank to enable users to digitally control credit card features, including real-time tracking and EMI conversions.
OneCard achieved unicorn status in July 2022 after securing a $100 million funding round, bringing its total funding raised to over $350 million to date.
Peak XV Partners and Z47, collectively own a 40% stake in the company.
