Fintech Startup OneCard Raises $76 Mn From QED Fund, Sequoia Capital

Pune-based fintech startup OneCard has raised $76 Mn (INR 565.05 Cr) in a funding round led by QED Fund, an existing investor into the startup.

According to regulatory filings, FPL Technologies, the parent company of OneCard has approved the allotment of 238 equity shares and 3,26,663 Series C preference shares to raise INR 565,05,75,317.28 or $76 Mn ($ = INR 74.35).

QED Fund led the funding round with INR 207.25 Cr. Besides QED Fund, other investors in the round included INVOPPS FT21 LLC, Ocean View Investment and Sequoia Capital.

INVOPPS FT21 LLC, Sarv Investments and Ocean View Investment infused INR 191.78 Cr, INR 75.29 Cr and INR 60.23 Cr respectively. 

Further, Sequoia Capital and Matrix Partners have put in INR 13.55 Cr each and Hummingbird Ventures has put in INR 3.01 Cr.

Post the latest allotment of shares, the founders of the startup, Vaibhav Hathi, Anurag Sinha and Rupesh Kumar have collectively reduced their stake to 32.61%.

The startup raised $35 Mn in its Series B funding earlier this year.

In 2020, FPL Technologies, the parent company of OneCard had raised $10 Mn in funding from Sequoia India, Matrix Partners India and Hummingbird Ventures.

Founded in 2018 by Anurag Sinha, Rupesh Kumar, Vibhav Hathi, FPL Technologies launched the mobile-first metal credit card ‘OneCard’ in 2020.

Earlier in the day, Entrackr had exclusively reported on the fundraise and said that the fresh funding has come at a valuation of $722 Mn.

The Fintech Growth

The fintech space in India has taken giant strides in the past few years, which includes the growth of credit cards and growing startups in the segment.

In November this year, Bengaluru-based fintech startup ‘slice’ entered the unicorn club. The startup, which offers credit cards to millennials, raised $220 Mn in its Series B round led by US-hedge fund Tiger Global and Insight Partners at a billion dollar valuation.

Other competitors in the segment include Karbon Card, Kodo and uni. Another fintech giant Razorpay is also gearing up to enter the credit card industry.

The fintech space is witnessing tie-ups and investments every other day.

On December 29th, 2021, Central Bank of India (CBoI) partnered with the National Payments Corporation of India (NPCI) to launch a tailor-made offering for businesses – ‘Central Bank of India RuPay Business Platinum Debit Card’.

Just a week back, Mastercard and Google rolled out tokenisation to enable Google Pay users to transact using their Mastercard credit and debit cards.

According to latest data from the Reserve Bank of India (RBI), debit card payments in FY21 stood at INR 6.61 Lakh Cr and credit card payments were at INR 6.30 Lakh Cr.